Frequently asked questions relating to Shadwell leasehold conveyancing
I would like to let out my leasehold apartment in Shadwell. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A lease dictates relations between the freeholder and you the flat owner; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Shadwell do not prevent subletting altogether – such a clause would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
Estate agents have just been given the go-ahead to market my 2 bed flat in Shadwell.Conveyancing has not commenced but I have just had a quarterly service charge invoice – Do I pay up?
It best that you pay the invoice 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. This will smooth the conveyancing process.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Shadwell. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Shadwell are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Shadwell in which case you should be looking for a Shadwell conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your solicitor should report to you on the legal implications.
Do you have any top tips for leasehold conveyancing in Shadwell with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Shadwell can be reduced if you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers representatives.
- Many freeholders or managing agents in Shadwell charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Shadwell.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £125000 flat in Shadwell in just under a week. The freeholder has quoted £420 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Shadwell?
Shadwell conveyancing on leasehold maisonettes normally involves the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions the majority will be willing to assist. They may invoice a reasonable charge for responding to 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 is above £800. The administration charge required by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, without which the invoice is not strictly payable. In reality you have no choice but to pay whatever is demanded should you wish to complete the sale of your home.
Despite our best endeavours, we have been unsuccessful in trying to reach an agreement for a lease extension in Shadwell. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to decide the amount due.
An example of a Freehold Enfranchisement decision for a Shadwell premises is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case was in relation to 3 flats. The unexpired term was 101.61 years.