North Woolwich leasehold conveyancing Example Support Desk Enquiries
I want to rent out my leasehold apartment in North Woolwich. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Some leases for properties in North Woolwich do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience dictates 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.
Estate agents have just been given the go-ahead to market my garden flat in North Woolwich.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the invoice 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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am looking at a two maisonettes in North Woolwich both have in the region of fifty years unexpired on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in North Woolwich is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of buyers and lenders, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with North Woolwich conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What advice can you give us when it comes to choosing a North Woolwich conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a North Woolwich conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non North Woolwich conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- How familiar is the firm with lease extension legislation?
- If they are not ALEP accredited then what is the reason?
We expect to complete our sale of a £ 400000 maisonette in North Woolwich next Wednesday . The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in North Woolwich?
North Woolwich conveyancing on leasehold maisonettes usually necessitates the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be content to assist. They may charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, without which the invoice is not strictly payable. Reality however dictates that you have no choice but to pay whatever is requested of you should you wish to sell the property.
Following months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in North Woolwich. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We can put you in touch with a North Woolwich conveyancing firm who can help.
An example of a Lease Extension decision for a North Woolwich residence is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 69.77 years.
I acquired a 1st floor flat in North Woolwich, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in North Woolwich with a long lease are worth £189,000. The ground rent is £55 levied per year. The lease expires on 21st October 2085
With just 59 years unexpired the likely cost is going to span between £22,800 and £26,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.