Top Five Questions relating to South Hornchurch leasehold conveyancing
My wife and I may need to let out our South Hornchurch garden flat for a while due to a new job. We used a South Hornchurch conveyancing firm in 2004 but they have since shut and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
A lease dictates relations between the freeholder and you the flat owner; in particular, it will set out if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in South Hornchurch do not contain strict prohibition on subletting – such a clause would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
Planning to complete next month on a leasehold property in South Hornchurch. Conveyancing lawyers have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in South Hornchurch should include some of the following:
- You should be sent a copy of the lease
Last month I purchased a leasehold property in South Hornchurch. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner 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. A critical element of leasehold conveyancing for your conveyancer to ensure 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 am employed by a reputable estate agent office in South Hornchurch where we have witnessed a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local South Hornchurch conveyancing firms. Please can you shed some light as to whether the seller of a flat can initiate the lease extension process 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 kick-start 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 to extend their lease. 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 disposal of the property.
An alternative approach is 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.
Completion in due on our sale of a £475000 apartment in South Hornchurch in 10 days. The landlords agents has quoted £396 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in South Hornchurch?
For most leasehold sales in South Hornchurch 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 pre-contract enquiries
- Where consent is required before sale in South Hornchurch
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Having spent years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in South Hornchurch. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the sum to be paid.
An example of a Lease Extension case for a South Hornchurch residence is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The the unexpired term as at the valuation date was 57.5 years.