Frequently asked questions relating to Silvertown leasehold conveyancing
Jane (my partner) and I may need to rent out our Silvertown ground floor flat for a while due to a new job. We instructed a Silvertown conveyancing firm in 2001 but they have closed and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?
A lease governs relations between the landlord and you the flat owner; specifically, it will say if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Silvertown 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 supplying a copy of the tenancy agreement.
Having checked my lease I have discovered that there are only 72 years unexpired on my lease in Silvertown. I now wish to extend my lease but my freeholder is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to track down the landlord. In some cases an enquiry agent may be helpful to try and locate and prepare an expert document which can be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Silvertown.
I am tempted by the attractive purchase price for a couple of maisonettes in Silvertown which have about fifty years remaining on the leases. should I be concerned?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena
What advice can you give us when it comes to choosing a Silvertown conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Silvertown conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Silvertown conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How experienced is the practice with lease extension legislation?
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £375000 flat in Silvertown next Monday . The freeholder has quoted £312 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Silvertown?
For the majority of leasehold sales in Silvertown 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 conveyancing due diligence questions
- Where consent is required before sale in Silvertown
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
After months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Silvertown. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We can put you in touch with a Silvertown conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Silvertown premises is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case affected 1 flat. The unexpired term was 69.77 years.