Questions and Answers: Stockwell leasehold conveyancing
I am in need of some leasehold conveyancing in Stockwell. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Stockwell - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I would like to rent out my leasehold apartment in Stockwell. 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 Stockwell conveyancing lawyer is not around you can review your lease to see if it allows you to sublet the premises. The rule is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you are obliged to seek consent via your landlord or some other party prior to subletting. This means you not allowed to sublet in the absence of prior consent. The consent must not not be unreasonably refused ore delayed. If your lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.
I have recently realised that I have 62 years remaining on my flat in Stockwell. I now want to get lease extension but my freeholder is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to track down the lessor. In some cases an enquiry agent would be useful to carry out a search and to produce an expert document to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court covering Stockwell.
I am attracted to a couple of apartments in Stockwell which have about 50 years unexpired on the lease term. should I be concerned?
There are plenty of short leases in Stockwell. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why 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 reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area
What advice can you give us when it comes to choosing a Stockwell conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Stockwell conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Stockwell conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- Can they put you in touch with client in Stockwell who can give a testimonial?
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Stockwell conveyancing firm to act on my behalf?
You certainly can. We can put you in touch with a Stockwell conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Stockwell residence is 3 Tintern Street in February 2010. The tribunal had jurisdiction to make a decision on the price of the freehold of the subject premises and concluded that the premium should be £24,630.00 This case affected 2 flats. The unexpired term was 73.69 years.