Examples of recent questions relating to leasehold conveyancing in Longlands
My fiance and I may need to sub-let our Longlands basement flat temporarily due to a career opportunity. We instructed a Longlands conveyancing firm in 2003 but they have closed and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
A lease dictates relations between the freeholder and you the leaseholder; specifically, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Longlands do not prevent an absolute prevention of subletting – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
Planning to exchange soon on a ground floor flat in Longlands. Conveyancing solicitors inform me that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Longlands should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I am attracted to a two maisonettes in Longlands both have approximately fifty years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Longlands is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and lenders, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Longlands conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Can you provide any advice for leasehold conveyancing in Longlands from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Longlands can be avoided where you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ solicitors.
- If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you installed wooden flooring? Longlands leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such alterations. Where you dont have the consents in place do not contact the landlord without checking with your solicitor first.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £275000 maisonette in Longlands next week. The managing agents has quoted £312 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Longlands?
Longlands conveyancing on leasehold maisonettes usually results in fees being levied by freeholders :
- Answering pre-exchange enquiries
- Where consent is required before sale in Longlands
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I inherited a ground flat in Longlands. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
Most definitely. We are happy to put you in touch with a Longlands conveyancing firm who can help.
An example of a Lease Extension case for a Longlands property is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case was in relation to 1 flat.