Common questions relating to Limehouse leasehold conveyancing
I wish to let out my leasehold flat in Limehouse. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Some leases for properties in Limehouse do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I am hoping to exchange soon on a basement flat in Limehouse. Conveyancing solicitors have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Limehouse should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
- The physical extent of the demise. This will be the property itself but could also incorporate a loft or basement if appropriate.
- Setting out your rights in respect of the communal areas in the block.E.G., does the lease permit a right of way over an accessway or staircase?
- Responsibility for repairing the window frames
- What the implications are if you breach a clause of your lease?
I've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Limehouse. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
Most houses in Limehouse are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Limehouse in which case you should be shopping around for a Limehouse conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I am a negotiator for a busy estate agent office in Limehouse where we have experienced a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Limehouse conveyancing solicitors. Could you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
We expect to complete our sale of a £ 325000 apartment in Limehouse next Thursday . The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Limehouse?
Limehouse conveyancing on leasehold flats more often than not involves the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions the majority will be content to do so. They are at liberty charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it is above £800. The administration charge levied by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, otherwise the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is demanded should you wish to complete the sale of your home.
I have had difficulty in trying to purchase the freehold in Limehouse. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We can put you in touch with a Limehouse conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Limehouse flat is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.
I am the registered owner of a studio flat in Limehouse, conveyancing was carried out in 1995. Can you work out an approximate cost of a lease extension? Similar flats in Limehouse with over 90 years remaining are worth £221,000. The ground rent is £55 levied per year. The lease ends on 21st October 2087
With just 61 years unexpired the likely cost is going to range between £22,800 and £26,400 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.