Sipson leasehold conveyancing: Q and A’s
I want to rent out my leasehold flat in Sipson. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
A lease governs relations between the landlord and you the flat owner; in particular, 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. The majority of leases in Sipson do not contain strict prohibition on subletting – such a clause would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
There are only 72 years left on my lease in Sipson. I am keen to get lease extension but my freeholder is can not be found. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to find the landlord. On the whole a specialist may be useful to conduct investigations and prepare a report to be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court covering Sipson.
I am tempted by the attractive purchase price for a two maisonettes in Sipson which have approximately 50 years unexpired on the leases. Do I need to be concerned?
A lease is a right to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease deteriorate and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena
I am employed by a reputable estate agent office in Sipson where we have witnessed a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Sipson conveyancing solicitors. Could you shed some light as to whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that 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 can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £475000 apartment in Sipson in just under a week. The management company has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Sipson?
Sipson conveyancing on leasehold apartments more often than not requires the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be content to assist. They may invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some cases it is above £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, otherwise the invoice is technically not due. In reality one has no option but to pay whatever is demanded if you want to complete the sale of your home.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Sipson conveyancing firm to represent me?
Most certainly. We are happy to put you in touch with a Sipson conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Sipson premises is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case was in relation to 2 flats. The unexpired term was 69 years.
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