Top Five Questions relating to Southborough leasehold conveyancing
I would like to rent out my leasehold flat in Southborough. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
A small minority of properties in Southborough do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I own a leasehold house in Southborough. Conveyancing and TSB mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Southborough who previously acted has now retired.Any advice?
The first thing you should do is contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Southborough conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two flats in Southborough which have approximately forty five years remaining on the leases. should I be concerned?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the value of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area
I am employed by a busy estate agency in Southborough where we see a number of flat sales jeopardised as a result of short leases. I have been given contradictory information from local Southborough conveyancing firms. Please can you confirm whether the seller of a flat can instigate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
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.
What are your top tips when it comes to appointing a Southborough conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Southborough conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Southborough conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- How many lease extensions has the firm carried out in Southborough in the last 12 months?
After months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Southborough. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a missing freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to assess the amount due.
An example of a Lease Extension decision for a Southborough residence is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case related to 1 flat. The the unexpired term as at the valuation date was 50.57 years.