Examples of recent questions relating to leasehold conveyancing in St Johns
I am intending to sublet my leasehold flat in St Johns. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
A lease dictates relations between the freeholder and you the flat owner; specifically, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in St Johns do not contain strict prohibition on subletting – such a clause would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I have just appointed agents to market my 2 bed apartment in St Johns.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge invoice – Do I pay up?
It best that you pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am looking at a two apartments in St Johns both have in the region of fifty years remaining on the lease term. Will this present a problem?
There are plenty of short leases in St Johns. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena
What advice can you give us when it comes to appointing a St Johns conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a St Johns conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non St Johns conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How familiar is the firm with lease extension legislation?
After months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in St Johns. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the LVT to determine the price payable.
An example of a Lease Extension decision 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 affected 2 flats. The the number of years remaining on the existing lease(s) was 72 years.
In relation to leasehold conveyancing in St Johns what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in St Johns. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- 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 may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Skipton Building Society, and Barclays Direct 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 does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.