Frequently asked questions relating to Silvertown leasehold conveyancing
I want to let out my leasehold flat in Silvertown. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Notwithstanding that your previous Silvertown conveyancing lawyer is no longer available you can check your lease to check if it allows you to sublet the apartment. The rule is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you must obtain permission via your landlord or some other party prior to subletting. This means you not allowed to sublet without first obtaining consent. The consent must not not be unreasonably withheld. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
Due to sign contracts shortly on a basement flat in Silvertown. Conveyancing lawyers assured me that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Silvertown should include some of the following:
- The total extent of the premises. This will be the flat itself but might include a loft or cellar if appropriate.
Last month I purchased a leasehold house in Silvertown. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I work for a busy estate agency in Silvertown where we have experienced a few flat sales jeopardised as a result of short leases. I have been given inconsistent advice from local Silvertown conveyancing firms. Can you clarify whether the seller of a flat can initiate the lease extension process 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 proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
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.
Can you offer any advice when it comes to appointing a Silvertown conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Silvertown conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Silvertown conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- If they are not ALEP accredited then why not?
I am the leaseholder of a ground-floor 1950’s flat in Silvertown. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?
if there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to decide the amount due.
An example of a Lease Extension matter before the tribunal for a Silvertown flat 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 related to 1 flat. The remaining number of years on the lease was 69.77 years.
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