Top Five Questions relating to Parsons Green leasehold conveyancing
I wish to rent out my leasehold apartment in Parsons Green. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
A lease dictates the relationship between the freeholder and you the flat owner; in particular, it will set out if subletting is not allowed, 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. The majority of leases in Parsons Green do not contain subletting altogether – such a clause would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
Planning to sign contracts shortly on a basement flat in Parsons Green. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Parsons Green should include some of the following:
- You should receive a copy of the lease
Back In 2007, I bought a leasehold flat in Parsons Green. Conveyancing and Lloyds TSB Bank mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Parsons Green who previously acted has long since retired.Any advice?
First make enquiries of HMLR to be sure that this person is in fact the new freeholder. There is no need to incur the fees of a Parsons Green 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 no more than 6 years of rent can be collected.
I am attracted to a couple of apartments in Parsons Green both have approximately forty five years left on the leases. Will this present a problem?
There are plenty of short leases in Parsons Green. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this area
Do you have any top tips for leasehold conveyancing in Parsons Green from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Parsons Green can be avoided if you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers solicitors.
- Many landlords or Management Companies in Parsons Green levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Parsons Green.
I am the proprietor of a ground-floor 1950’s flat in Parsons Green. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?
You certainly can. We can put you in touch with a Parsons Green conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Parsons Green residence is 66 and 66a Wardo Avenue in November 2012. The Tribunal determined that the sum of £8,048 is payable by the Applicants in respect of the price for the freehold of the property This case was in relation to 2 flats. The the unexpired term as at the valuation date was 93 years and 162 years.