Top Five Questions relating to Nine Elms leasehold conveyancing
I want to sublet my leasehold apartment in Nine Elms. 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 previous Nine Elms conveyancing lawyer is not available you can check your lease to check if it allows you to sublet the property. The rule is that if the deeds are non-specific, subletting is allowed. There may be a precondition that you need to obtain consent from your landlord or other appropriate person in advance of subletting. This means that you cannot sublet without prior consent. The consent should not be unreasonably withheld. If your lease does not allow you to sublet you will need to ask your landlord for their consent.
I am hoping to complete next month on a garden flat in Nine Elms. Conveyancing lawyers inform me that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Nine Elms should include some of the following:
- You should receive a copy of the lease
Last month I purchased a leasehold property in Nine Elms. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you provide any top tips for leasehold conveyancing in Nine Elms with the purpose of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Nine Elms can be bypassed where you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ solicitors.
- The majority freeholders or Management Companies in Nine Elms levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Nine Elms.
Having spent months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Nine Elms. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We can put you in touch with a Nine Elms conveyancing firm who can help.
An example of a Lease Extension decision for a Nine Elms flat is 150A Albert Palace Mansions Lurline Gardens in July 2013. The Tribunal determined that the premium payable for the new lease of the subject property was £42,069 This case related to 1 flat. The remaining number of years on the lease was 57.06 years.
When it comes to leasehold conveyancing in Nine Elms what are the most common lease defects?
Leasehold conveyancing in Nine Elms is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Barnsley Building Society, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to pull out.