Frequently asked questions relating to Ratcliff leasehold conveyancing
I am on look out for some leasehold conveyancing in Ratcliff. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Ratcliff - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
My partner and I may need to let out our Ratcliff garden flat for a while due to a career opportunity. We instructed a Ratcliff conveyancing practice in 2002 but they have closed and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
Your lease dictates relations between the freeholder and you the flat owner; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Ratcliff do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
Looking forward to sign contracts shortly on a basement flat in Ratcliff. Conveyancing lawyers inform me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Ratcliff should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
Last month I purchased a leasehold flat in Ratcliff. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am employed by a reputable estate agent office in Ratcliff where we see a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Ratcliff conveyancing firms. Can you shed some light as to whether the owner of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
I am the proprietor of a a ground floor purpose built flat in Ratcliff. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
if there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to determine the price payable.
An example of a Freehold Enfranchisement matter before the tribunal for a Ratcliff residence 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 related to 3 flats. The the unexpired residue of the current lease was 101.61 years.