Shoreditch leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Shoreditch. Before I get started I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Shoreditch - 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.
I want to sublet my leasehold flat in Shoreditch. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
The lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Shoreditch do not prevent an absolute prevention of subletting – such a clause would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Shoreditch. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
The majority of houses in Shoreditch are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Shoreditch in which case you should be shopping around for a Shoreditch conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I own a leasehold flat in Shoreditch. Conveyancing and Nationwide Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Shoreditch who previously acted has long since retired.What should I do?
First contact the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Shoreditch conveyancing solicitor to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Do you have any top tips for leasehold conveyancing in Shoreditch with the intention of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Shoreditch can be bypassed where you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers solicitors.
- If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you installed wooden flooring? Shoreditch leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord consenting to such changes. If you dont have the approvals in place you should not communicate with the landlord without contacting your lawyer in advance.
After years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Shoreditch. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We can put you in touch with a Shoreditch conveyancing firm who can help.
An example of a Lease Extension case for a Shoreditch property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The the number of years remaining on the existing lease(s) was 72.39 years.