Top Five Questions relating to Nine Elms leasehold conveyancing
I wish to rent out my leasehold flat in Nine Elms. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
A small minority of properties in Nine Elms do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I have just started marketing my garden apartment in Nine Elms.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance charge demand – Do I pay up?
It best that you 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 managing agents will not acknowledge the buyer until 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 today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Nine Elms. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
The majority of houses in Nine Elms are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Nine Elms in which case you should be shopping around for a Nine Elms conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer should advise you fully on all the issues.
I am attracted to a two apartments in Nine Elms which have about forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field
Last month I purchased a leasehold house in Nine Elms. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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 be sure 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).
My wife and I have hit a brick wall in negotiating a lease extension in Nine Elms. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We are happy to put you in touch with a Nine Elms conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Nine Elms premises 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 unexpired lease term was 57.06 years.