Sample questions relating to Sydenham leasehold conveyancing
I am on look out for some leasehold conveyancing in Sydenham. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Sydenham - then the leasehold title will always include the basic details 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 wish to let out my leasehold flat in Sydenham. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
The lease governs relations between the freeholder and you the flat owner; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Sydenham do not contain an absolute prevention of subletting – such a provision would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I've found a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Sydenham. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Sydenham ?
Most houses in Sydenham are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Sydenham so you should seriously consider shopping around for a Sydenham conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor will report to you on the legal implications.
My wife and I purchased a leasehold house in Sydenham. Conveyancing and Accord Mortgages Ltd mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Sydenham who acted for me is not around.Any advice?
First make enquiries of HMLR to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Sydenham conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of flats in Sydenham both have in the region of 50 years remaining on the leases. Do I need to be concerned?
There are plenty of short leases in Sydenham. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the marketability of the lease decreases and results in it becoming more costly to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this arena
I have tried to negotiate informally with with my landlord for a lease extension without success. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Sydenham conveyancing firm to act on my behalf?
Most certainly. We can put you in touch with a Sydenham conveyancing firm who can help.
An example of a Lease Extension decision for a Sydenham property is Flat 5 4 Border Crescent in December 2013. the tribunal calculated that premium payable for the acquisition of a lease extension of the subject premises was in the sum of £14,900 (Fourteen thousand, nine hundred pounds). Those advising the applicant were advised to send a copy of the decision and a copy of the new lease with the premium (less the applicants costs as assessed by the Court) to the Croydon County Court (under claim number 3CR01226) for an officer of the Court to execute the new lease on behalf of the absentee landlord who is missing and cannot be traced). This case related to 1 flat. The unexpired term was 69 years.