Morden leasehold conveyancing Example Support Desk Enquiries
I want to sublet my leasehold apartment in Morden. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Your lease governs the relationship between the freeholder and you the flat owner; in particular, it will set out if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Morden do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Morden. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Morden ?
The majority of houses in Morden are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Morden so you should seriously consider looking for a Morden conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer will report to you on the legal implications.
I am attracted to a two apartments in Morden both have approximately 50 years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Morden is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers and lenders, leases with under 75 years become less and less marketable. 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 premises 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 Morden 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.
Can you provide any top tips for leasehold conveyancing in Morden with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Morden can be bypassed where you instruct lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ solicitors.
- The majority freeholders or managing agents in Morden charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Morden.
We expect to complete the disposal of our £175000 flat in Morden in nine days. The management company has quoted £336 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 flat conveyance in Morden?
For most leasehold sales in Morden conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-contract questions
- Where consent is required before sale in Morden
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
My wife and I have hit a brick wall in negotiating a lease extension in Morden. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to judgment on the price.
An example of a Lease Extension case for a Morden premises is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case related to 1 flat. The remaining number of years on the lease was 62.94 years.