Sample questions relating to Ruislip leasehold conveyancing
Jane (my partner) and I may need to sub-let our Ruislip 1st floor flat for a while due to a career opportunity. We used a Ruislip conveyancing practice in 2001 but they have since shut and we did not have the foresight to get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your last Ruislip conveyancing solicitor is no longer available you can check your lease to check if it allows you to sublet the property. The rule is that if the deeds are non-specific, subletting is allowed. Quite often there is a prerequisite that you are obliged to obtain consent from your landlord or other appropriate person prior to subletting. This means 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 letting out the property you will need to ask your landlord for their consent.
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Ruislip. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
The majority of houses in Ruislip are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Ruislip in which case you should be shopping around for a Ruislip conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will report to you on the legal implications.
I am attracted to a couple of flats in Ruislip which have in the region of fifty years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Ruislip. The lease is a right to use the premises for a period of time. As the lease gets shorter the saleability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena
I am employed by a busy estate agent office in Ruislip where we see a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Ruislip conveyancing firms. Can you clarify whether the vendor of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has owned the lease 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 buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
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 buyer.
What advice can you give us when it comes to appointing a Ruislip conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Ruislip conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Ruislip conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- If the firm is not ALEP accredited then what is the reason?
- How many lease extensions have they completed in Ruislip in the last year?
Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in Ruislip. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to assess the price.
An example of a Lease Extension decision for a Ruislip premises is Flat 72 Queens Walk in January 2013. The Tribunals calculated the premium payable to be £22,090. This case was in relation to 1 flat. The the unexpired residue of the current lease was 53.26 years.
I am the registered owner of a basement flat in Ruislip, conveyancing was carried out in 2002. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Ruislip with a long lease are worth £250,000. The average or mid-range amount of ground rent is £45 yearly. The lease terminates on 21st October 2096
You have 70 years unexpired we estimate the premium for your lease extension to span between £13,300 and £15,400 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.