Examples of recent questions relating to leasehold conveyancing in Surbiton
I want to sublet my leasehold apartment in Surbiton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
The lease dictates the relationship between the landlord and you the leaseholder; in particular, 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. Most leases in Surbiton do not prevent an absolute prevention of subletting – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
Having checked my lease I have discovered that there are only Seventy years left on my lease in Surbiton. I am keen to extend my lease but my landlord is can not be found. What are my options?
If you qualify, 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 extended by the Court. You will be obliged to demonstrate that you have done all that could be expected to find the freeholder. For most situations an enquiry agent would be helpful to conduct investigations and to produce a report which can be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Surbiton.
I have just appointed agents to market my garden flat in Surbiton.Conveyancing has not commenced but I have just had a yearly service charge invoice – what should I do?
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 unless 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am attracted to a couple of flats in Surbiton which have about 50 years left on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Surbiton is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of purchasers and mortgage companies, 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 property 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 a residence 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 Surbiton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 inherited a a ground floor purpose built flat in Surbiton. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for a lease extension?
You certainly can. We are happy to put you in touch with a Surbiton conveyancing firm who can help.
An example of a Lease Extension decision for a Surbiton residence is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case was in relation to 1 flat.
What makes a Surbiton lease defective?
There is nothing unique about leasehold conveyancing in Surbiton. All leases is drafted differently and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Royal Bank of Scotland, and Britannia 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 purchaser to pull out.