Quality lawyers for Leasehold Conveyancing in St Johns

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Top Five Questions relating to St Johns leasehold conveyancing

I want to sublet my leasehold apartment in St Johns. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?

Notwithstanding that your previous St Johns conveyancing lawyer is not around you can review your lease to see if you are permitted to let out the apartment. The rule is that if the lease is non-specific, subletting is permitted. There may be a precondition that you need to obtain permission via your landlord or other appropriate person in advance of subletting. This means you not allowed to sublet in the absence of prior consent. The consent must not not be unreasonably turned down. If the lease does not allow you to sublet you should ask your landlord for their consent.

Expecting to exchange soon on a ground floor flat in St Johns. Conveyancing solicitors assured me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in St Johns should include some of the following:

  • You should be sent a copy of the lease
  • The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
  • Whether the lease restricts you from subletting the property, or having a home office for business
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a reserve fund?
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For details of the information to be included in your report on your leasehold property in St Johns please ask your lawyer in ahead of your conveyancing in St Johns

  • I am attracted to a two maisonettes in St Johns both have in the region of 50 years unexpired on the lease term. Will this present a problem?

    There are no two ways about it. A leasehold apartment in St Johns is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and banks, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 premises 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 St Johns 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

    I work for a long established estate agent office in St Johns where we have witnessed a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local St Johns conveyancing firms. Can you clarify 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having 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 simultaneously with 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.

    If all goes to plan we aim to complete the disposal of our £500000 garden flat in St Johns in nine days. The landlords agents has quoted £312 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in St Johns?

    St Johns conveyancing on leasehold flats more often than not necessitates the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be willing to assist. They are entitled invoice a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some transactions it exceeds £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, otherwise the invoice is not strictly payable. In reality one has little option but to pay whatever is requested of you if you want to sell the property.

    I am the leaseholder of a second floor flat in St Johns. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount payable for the purchase of the freehold?

    Most certainly. We can put you in touch with a St Johns conveyancing firm who can help.

    An example of a Lease Extension matter before the tribunal for a St Johns premises is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case was in relation to 2 flats. The remaining number of years on the lease was 72 years.