Top Five Questions relating to New Eltham leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in New Eltham. Before diving in I would like to find out the remaining lease term.
Assuming the lease is registered - and almost all are in New Eltham - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am intending to sublet my leasehold apartment 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?
A lease dictates relations between the freeholder and you the flat owner; specifically, 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 specific ban or restriction, subletting is permitted. Most leases in New Eltham do not contain subletting altogether – such a provision would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in New Eltham. Conveyancing advisers have are about to be appointed. Will they explain the issues?
Most houses in New Eltham 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. It is clear that you are buying in New Eltham so you should seriously consider shopping around for a New Eltham conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your solicitor should report to you on the legal implications.
I own a leasehold house in New Eltham. Conveyancing and Coventry Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1994. The conveyancing practitioner in New Eltham who acted for me is not around.Any advice?
The first thing you should do is contact HMLR to be sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a New Eltham conveyancing practitioner to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am a negotiator for a long established estate agent office in New Eltham where we have experienced a few flat sales jeopardised as a result of short leases. I have received contradictory information from local New Eltham conveyancing solicitors. Can you confirm whether the owner of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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 buyer.
I have given up trying to purchase the freehold in New Eltham. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the LVT to assess the premium.
An example of a Lease Extension decision for a New Eltham 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 related to 1 flat.
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