Frequently asked questions relating to Soho leasehold conveyancing
I would like to let out my leasehold apartment in Soho. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Notwithstanding that your previous Soho conveyancing solicitor is not around you can review your lease to check if you are permitted to let out the apartment. The rule is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you are obliged to obtain consent via your landlord or some other party prior to subletting. The net result is you not allowed to sublet in the absence of prior permission. The consent should not be unreasonably refused ore delayed. If your lease prohibits you from letting out the property you will need to ask your landlord for their consent.
I am hoping to complete next month on a studio apartment in Soho. Conveyancing lawyers inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Soho should include some of the following:
- Ground rent - how much and when you need to pay, and also know whether this will change in the future
Back In 2002, I bought a leasehold flat in Soho. Conveyancing and Halifax mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Soho who previously acted has long since retired.What should I do?
First contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Soho conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two maisonettes in Soho which have about fifty years left on the lease term. Will this present a problem?
There are plenty of short leases in Soho. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. 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 such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this field
I am a negotiator for a reputable estate agent office in Soho where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Soho conveyancing firms. Can you confirm whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as 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 purchaser.
Following months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Soho. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to arrive at the price.
An example of a Freehold Enfranchisement matter before the tribunal for a Soho flat is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case related to 1 flat. The the unexpired residue of the current lease was 73.26 years.
Other Topics