Sample questions relating to Parsons Green leasehold conveyancing
My fiance and I may need to rent out our Parsons Green 1st floor flat temporarily due to a career opportunity. We used a Parsons Green conveyancing practice in 2001 but they have closed and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
The lease dictates relations between the freeholder and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Parsons Green do not prevent an absolute prevention of subletting – such a clause would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I've found a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Parsons Green. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Parsons Green ?
Most houses in Parsons Green are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Parsons Green so you should seriously consider shopping around for a Parsons Green conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor will advise you fully on all the issues.
My wife and I purchased a leasehold house in Parsons Green. Conveyancing and Accord Mortgages Ltd mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Parsons Green who acted for me is not around.What should I do?
First make enquiries of HMLR to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Parsons Green conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured 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 am tempted by the attractive purchase price for a two apartments in Parsons Green which have approximately forty five years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Parsons Green is a deteriorating 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 purchasers and banks, leases with under eighty years become less and less marketable. On a more positive 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 premises 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 Parsons Green conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
I am a negotiator for a busy estate agent office in Parsons Green where we have witnessed a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Parsons Green conveyancing firms. Could you clarify whether the vendor of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 buyer.
After months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Parsons Green. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. 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 premises 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 related to 2 flats. The remaining number of years on the lease was 93 years and 162 years.
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