Recently asked questions relating to Roehampton leasehold conveyancing
My partner and I may need to let out our Roehampton ground floor flat for a while due to taking a sabbatical. We instructed a Roehampton conveyancing practice in 2004 but they have closed and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
A lease dictates the relationship between the freeholder and you the leaseholder; in particular, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Roehampton do not contain an absolute prevention of subletting – such a provision would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
Estate agents have just been given the go-ahead to market my garden apartment in Roehampton.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge 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 management companies 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 am looking at a two apartments in Roehampton which have in the region of forty five years unexpired on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Roehampton is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and lenders, leases with less than 75 years become less and less attractive. 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 premises 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 property 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 Roehampton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.
What are your top tips when it comes to appointing a Roehampton conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Roehampton conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Roehampton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How experienced is the firm with lease extension legislation?
We expect to complete the sale of our £350000 maisonette in Roehampton in seven days. The freeholder has quoted £408 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Roehampton?
For the majority of leasehold sales in Roehampton conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-contract questions
- Where consent is required before sale in Roehampton
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I inherited a two-bedroom flat in Roehampton. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?
Where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the LVT to calculate the amount due.
An example of a Freehold Enfranchisement decision for a Roehampton flat is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case related to 3 flats. The the unexpired residue of the current lease was 66.25 years.
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