Frequently asked questions relating to Poplar leasehold conveyancing
My wife and I may need to let out our Poplar basement flat for a while due to taking a sabbatical. We instructed a Poplar conveyancing firm in 2001 but they have since shut and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your last Poplar conveyancing solicitor is not around you can review your lease to see if it allows you to sublet the premises. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you are obliged to seek consent via your landlord or other appropriate person prior to subletting. This means you not allowed to sublet without prior permission. Such consent is not allowed to be unreasonably refused ore delayed. If the lease prohibits you from letting out the property you should ask your landlord for their consent.
Planning to complete next month on a ground floor flat in Poplar. Conveyancing lawyers assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Poplar should include some of the following:
- Will you be prohibited or prevented from having pets in the property?
I today plan to offer on a house that seems 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 purchasing a leasehold house in Poplar. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
The majority of houses in Poplar are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Poplar in which case you should be shopping around for a Poplar conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your lawyer should appraise you on the various issues.
My wife and I purchased a leasehold flat in Poplar. Conveyancing and Clydesdale mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Poplar who acted for me is not around.Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to instruct a Poplar conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two maisonettes in Poplar which have in the region of forty five years unexpired on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Poplar is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most buyers and mortgage companies, leases with less than 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 property 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 Poplar 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 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 any new 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 have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Poplar conveyancing firm to assist?
Most definitely. We are happy to put you in touch with a Poplar conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Poplar property is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case affected 3 flats. The remaining number of years on the lease was 101.61 years.
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