I would like to rent out my leasehold flat in South Norwood. 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 South Norwood conveyancing lawyer is not available you can check your lease to see if it allows you to sublet the apartment. The accepted inference is that if the lease is non-specific, subletting is allowed. There may be a precondition that you are obliged to seek permission via your landlord or other appropriate person prior to subletting. The net result is that you cannot sublet without first obtaining permission. Such consent is not allowed to be unreasonably refused ore delayed. If the lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.

I am looking at a two flats in South Norwood both have approximately fifty years left on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in South Norwood is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with South Norwood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Can you offer any advice when it comes to finding a South Norwood conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a South Norwood conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non South Norwood conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• How experienced is the practice with lease extension legislation?

What are the costs for lease extension work?

Completion in due on the sale of our £475000 maisonette in South Norwood on Friday in a week. The freeholder has quoted £408 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in South Norwood?

South Norwood conveyancing on leasehold apartments typically results in administration charges invoiced by landlords agents :

• Completing conveyancing due diligence enquiries
• Where consent is required before sale in South Norwood
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for South Norwood leasehold property is £350. For South Norwood conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply the information.

I own a garden flat in South Norwood. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?

Where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to determine the sum to be paid.

An example of a Lease Extension decision for a South Norwood premises is Flats 55, 67 & 70 Melbourne Court Anerley Road in July 2013. The tribunal calculated that the premium for the extended lease at £48,366.00 for at 55, and £88,329.00 for ats 67 and 70 combined. This case related to 1 flat. The the unexpired residue of the current lease was 26.38 years.

Are there common deficiencies that you encounter in leases for South Norwood properties?

Leasehold conveyancing in South Norwood is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the property
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Barnsley Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.

Other Topics

Lease Extensions in South Norwood