Examples of recent questions relating to leasehold conveyancing in South Woodford
My wife and I may need to sub-let our South Woodford ground floor flat for a while due to taking a sabbatical. We instructed a South Woodford conveyancing practice in 2004 but they have since shut and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
A lease governs relations between the freeholder and you the flat owner; specifically, it will set out if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in South Woodford do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I am hoping to sign contracts shortly on a ground floor flat in South Woodford. Conveyancing lawyers inform me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in South Woodford should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
- Setting out your legal entitlements in respect of common areas in the building.For example, does the lease provide for a right of way over a path or hallways?
- Whether the lease restricts you from renting out the property, or working from home
- You should be told what counts as a Nuisance in the lease
- I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
- The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
What are your top tips when it comes to finding a South Woodford conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a South Woodford conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non South Woodford conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- If the firm is not ALEP accredited then what is the reason?
- What volume of lease extensions have they completed in South Woodford in the last year?
If all goes to plan we aim to complete the disposal of our £ 350000 garden flat in South Woodford in just under a week. The management company has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in South Woodford?
For most leasehold sales in South Woodford conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-exchange questions
- Where consent is required before sale in South Woodford
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have given up trying to purchase the freehold in South Woodford. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to determine the premium.
An example of a Lease Extension case for a South Woodford residence is 135 Maybank Road in January 2013. The Tribunal determined that the price to be paid by the tenants for the grant of a new lease is £10,592 This case was in relation to 1 flat. The unexpired lease term was 71.2 years.
What are the frequently found problems that you come across in leases for South Woodford properties?
There is nothing unique about leasehold conveyancing in South Woodford. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, The Royal Bank of Scotland, and Aldermore all have very detailed conveyancing instructions 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 provide security, forcing the buyer to withdraw.
I am the registered owner of a garden flat in South Woodford, conveyancing was carried out 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in South Woodford with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 levied per year. The lease terminates on 21st October 2092
With 66 years remaining on your lease we estimate the price of your lease extension to be between £12,400 and £14,200 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.