Top Five Questions relating to Rush Green leasehold conveyancing
I am in need of some leasehold conveyancing in Rush Green. Before I get started I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Rush Green - then the leasehold title will always include the basic details 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 Rush Green garden flat for a while due to taking a sabbatical. We instructed a Rush Green conveyancing firm in 2002 but they have closed and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Your lease governs the relationship between the landlord and you the leaseholder; in particular, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Rush Green do not contain subletting altogether – such a provision would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I am hoping to put an offer on a small detached house that seems to be perfect, at a great price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Rush Green. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
The majority of houses in Rush Green are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Rush Green so you should seriously consider looking for a Rush Green conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will appraise you on the various issues.
I am tempted by the attractive purchase price for a couple of flats in Rush Green which have in the region of fifty years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Rush Green is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of purchasers and mortgage companies, leases with under 75 years become less and less attractive. On a more upbeat 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 Rush Green 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.
Can you offer any advice when it comes to finding a Rush Green conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Rush Green conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Rush Green conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- How experienced is the firm with lease extension legislation?
I have given up trying to purchase the freehold in Rush Green. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We can put you in touch with a Rush Green conveyancing firm who can help.
An example of a Lease Extension decision for a Rush Green premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 57.5 years.