Malden Rushett leasehold conveyancing: Q and A’s
Harry (my fiance) and I may need to let out our Malden Rushett garden flat temporarily due to a career opportunity. We used a Malden Rushett conveyancing firm in 2001 but they have closed and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?
The lease governs relations between the freeholder and you the flat owner; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Malden Rushett do not prevent an absolute prevention of subletting – such a clause would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
Planning to exchange soon on a basement flat in Malden Rushett. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Malden Rushett should include some of the following:
- You should receive a copy of the lease
Estate agents have just been given the go-ahead to market my 2 bed apartment in Malden Rushett.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge invoice – what should I do?
The sensible thing to do is pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am tempted by the attractive purchase price for a couple of maisonettes in Malden Rushett both have about forty five years remaining on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Malden Rushett is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and banks, leases with under 75 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 a residence 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 Malden Rushett conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
If all goes to plan we aim to complete our sale of a £125000 garden flat in Malden Rushett in six days. The management company has quoted £300 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Malden Rushett?
Malden Rushett conveyancing on leasehold apartments more often than not requires the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer such questions the majority will be willing to assist. They are entitled charge a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some cases it is above £800. The management information fee invoiced by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, without which the charge is not strictly payable. Reality however dictates that one has little choice but to pay whatever is requested of you if you want to sell the property.
Having spent months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Malden Rushett. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We can put you in touch with a Malden Rushett conveyancing firm who can help.
An example of a Lease Extension decision for a Malden Rushett premises is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.
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