Examples of recent questions relating to leasehold conveyancing in Nine Elms
I am on look out for some leasehold conveyancing in Nine Elms. Before diving in I require certainty as to the remaining lease term.
If the lease is registered - and 99.9% are in Nine Elms - 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.
Helen (my wife) and I may need to let out our Nine Elms ground floor flat temporarily due to a career opportunity. We used a Nine Elms conveyancing practice in 2004 but they have since shut and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
Your lease governs relations between the landlord and you the leaseholder; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Nine Elms do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
My wife and I purchased a leasehold flat in Nine Elms. Conveyancing and The Mortgage Works mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Nine Elms who previously acted has now retired.Any advice?
The first thing you should do is contact HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to instruct a Nine Elms conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I've recently bought a leasehold property in Nine Elms. Am I liable to pay service charges relating to a period prior to my ownership?
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. 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 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).
I am employed by a reputable estate agent office in Nine Elms where we see a few leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Nine Elms conveyancing solicitors. Please can you confirm whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, 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 purchaser.
After months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Nine Elms. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to judgment on the price payable.
An example of a Lease Extension case 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 term was 57.06 years.
I inherited a 2 bed flat in Nine Elms, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Nine Elms with over 90 years remaining are worth £179,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 2088
You have 62 years unexpired we estimate the price of your lease extension to span between £20,000 and £23,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.