New Eltham leasehold conveyancing: Q and A’s
I wish to let out my leasehold flat in New Eltham. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Even though your last New Eltham conveyancing solicitor is no longer around you can review your lease to check if it allows you to sublet the apartment. The rule is that if the deeds are silent, subletting is permitted. There may be a precondition that you must obtain permission from your landlord or other appropriate person in advance of subletting. This means you not allowed to sublet in the absence of first obtaining permission. The consent should not be unreasonably turned down. If the lease prohibits you from letting out the property you will need to ask your landlord for their consent.
I have recently realised that I have Sixty One years left on my flat in New Eltham. I am keen to get lease extension but my landlord is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to locate the freeholder. For most situations an enquiry agent may be helpful to try and locate and to produce an expert document to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on devolving into the landlord’s absence and the application to the County Court covering New Eltham.
Estate agents have just been given the go-ahead to market my 2 bed flat in New Eltham.Conveyancing is yet to be initiated but I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is discharge 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 managing agents 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 looking at a two apartments in New Eltham both have approximately 50 years remaining on the leases. Do I need to be concerned?
There are plenty of short leases in New Eltham. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field
I inherited a two-bedroom flat in New Eltham. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
Absolutely. We are happy to put you in touch with a New Eltham conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a New Eltham premises 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.
In relation to leasehold conveyancing in New Eltham what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in New Eltham. Most leases are unique and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, The Mortgage Works, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.