Common questions relating to Richmond leasehold conveyancing
I would like to let out my leasehold apartment in Richmond. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Even though your previous Richmond conveyancing solicitor is not around you can check your lease to see if it allows you to sublet the apartment. The accepted inference is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you must obtain permission from your landlord or other appropriate person prior to subletting. The net result is you not allowed to sublet in the absence of first obtaining permission. Such consent is not allowed to be unreasonably turned down. If the lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.
I have recently realised that I have 68 years remaining on my flat in Richmond. I am keen to get lease extension but my landlord is missing. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to prove that you have made all reasonable attempts to locate the freeholder. On the whole an enquiry agent should be useful to try and locate and prepare a report which can be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s disappearance and the application to the County Court covering Richmond.
Expecting to complete next month on a leasehold property in Richmond. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Richmond should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I am employed by a long established estate agent office in Richmond where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Richmond conveyancing firms. Could you confirm whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that 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. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
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.
Can you provide any top tips for leasehold conveyancing in Richmond with the purpose of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Richmond can be bypassed if you appoint lawyers as soon as you market your property and ask them to collate the leasehold information needed by the purchasers’ solicitors.
- If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Richmond state that internal structural changes or installing wooden flooring require a licence issued by the Landlord approving such alterations. Where you dont have the approvals to hand do not communicate with the landlord without contacting your conveyancer in the first instance.
Richmond Leasehold Conveyancing - A selection of Queries before Purchasing
You should be aware that where the lease has no more than 80 years it will affect the marketability of the property. It is worth checking with your lender that they are willing to lend given the lease term. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth finding out how much this will be. Remember, in most cases you will be required to have owned the premises for a couple of years in order to be eligible to carry out a lease extension.
How is the lease structured?
Does the lease have more than 85 years unexpired?