Plaistow leasehold conveyancing: Q and A’s
My husband and I may need to sub-let our Plaistow 1st floor flat for a while due to taking a sabbatical. We used a Plaistow conveyancing firm in 2002 but they have since shut and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?
The lease governs relations 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 caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Plaistow do not prevent strict prohibition on subletting – such a provision would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
Expecting to complete next month on a studio apartment in Plaistow. Conveyancing lawyers have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Plaistow should include some of the following:
- The physical extent of the property. This will be the property itself but may incorporate a loft or cellar if applicable.
I have just started marketing my garden apartment in Plaistow.Conveyancing is yet to be initiated but I have just received a yearly service charge demand – should I leave it to the buyer to sort out?
It best that you pay the service charge 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 own a leasehold flat in Plaistow. Conveyancing and Skipton Building Society mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Plaistow who acted for me is not around.Any advice?
First make enquiries of HMLR to be sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to instruct a Plaistow conveyancing practitioner to do this as it can be done on-line 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 flats in Plaistow both have in the region of forty five years unexpired on the lease term. Do I need to be concerned?
A lease is a right to use the property for a period of time. As a lease gets shorter the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena
I have given up trying to purchase the freehold in Plaistow. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to calculate the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a Plaistow property is Ravensbourne Lodge 4 Highland Road in February 2013. the Tribunal held that the amount payable for the freehold was £22,268