Riddlesdown leasehold conveyancing Example Support Desk Enquiries
My husband and I may need to rent out our Riddlesdown garden flat temporarily due to a new job. We used a Riddlesdown conveyancing firm in 2001 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?
A lease governs the relationship between the landlord and you the flat owner; specifically, it will set out if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Riddlesdown do not contain strict prohibition on subletting – such a clause would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
Due to exchange soon on a studio apartment in Riddlesdown. Conveyancing lawyers inform me that they report fully on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Riddlesdown should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
I am looking at a two flats in Riddlesdown both have approximately 50 years unexpired on the leases. Do I need to be concerned?
There are plenty of short leases in Riddlesdown. The lease is a right to use the property for a period of time. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £425000 apartment in Riddlesdown in just under a week. The landlords agents has quoted £360 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Riddlesdown?
Riddlesdown conveyancing on leasehold apartments normally necessitates the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions the majority will be willing to do so. They may levy a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, without which the invoice is not strictly payable. Reality however dictates that one has little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Riddlesdown conveyancing firm to represent me?
Most certainly. We can put you in touch with a Riddlesdown conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Riddlesdown property is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case was in relation to 6 flats. The the number of years remaining on the existing lease(s) was 78.32 years.
Are there frequently found deficiencies that you see in leases for Riddlesdown properties?
Leasehold conveyancing in Riddlesdown is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Chelsea Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.