Top Five Questions relating to Petersham leasehold conveyancing
I would like to let out my leasehold flat in Petersham. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Even though your last Petersham conveyancing lawyer is no longer available you can check your lease to check if it allows you to sublet the apartment. The accepted inference is that if the deeds are non-specific, subletting is allowed. There may be a precondition that you are obliged to seek consent from your landlord or other appropriate person in advance of subletting. The net result is you not allowed to sublet in the absence of prior consent. The consent is not allowed to be unreasonably withheld. If your lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.
I have just appointed agents to market my ground floor apartment in Petersham.Conveyancing is yet to be initiated but I have just had a yearly service charge invoice – Do I pay up?
It best that you pay 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 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. Having a clear account will assist your cause and will leave you no worse off financially.
I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Petersham. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
The majority of houses in Petersham are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Petersham in which case you should be shopping around for a Petersham conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to carry out alterations. 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 solicitor should appraise you on the various issues.
I am tempted by the attractive purchase price for a couple of apartments in Petersham which have in the region of fifty years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this field
If all goes to plan we aim to complete the disposal of our £150000 maisonette in Petersham in just under a week. The landlords agents has quoted £396 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Petersham?
Petersham conveyancing on leasehold apartments normally necessitates the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be content to assist. They may charge a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some cases it exceeds £800. The management information fee invoiced by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, otherwise the charge is not strictly payable. In reality you have no choice but to pay whatever is requested of you should you wish to complete the sale of your home.
I have given up trying to purchase the freehold in Petersham. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to assess the amount due.
An example of a Lease Extension case for a Petersham residence is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case affected 1 flat. The remaining number of years on the lease was 60.45 years.