Examples of recent questions relating to leasehold conveyancing in Thamesmead
Harry (my fiance) and I may need to rent out our Thamesmead garden flat for a while due to a new job. We used a Thamesmead conveyancing practice in 2002 but they have since shut and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your previous Thamesmead conveyancing solicitor is not around you can check your lease to see if you are permitted to let out the premises. The accepted inference is that if the deeds are silent, subletting is allowed. There may be a precondition that you need to obtain permission from your landlord or some other party before subletting. The net result is you not allowed to sublet without first obtaining permission. The consent should not be unreasonably withheld. If your lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.
I am hoping to complete next month on a garden flat in Thamesmead. Conveyancing lawyers have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Thamesmead should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I am employed by a reputable estate agent office in Thamesmead where we have witnessed a few flat sales derailed due to short leases. I have received conflicting advice from local Thamesmead conveyancing solicitors. Please can you clarify whether the vendor of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start 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 needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
Can you provide any advice for leasehold conveyancing in Thamesmead with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Thamesmead can be avoided if you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information which will be required by the purchasers’ lawyers.
- Many freeholders or Management Companies in Thamesmead levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Thamesmead.
I am the proprietor of a second floor flat in Thamesmead. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?
Most certainly. We are happy to put you in touch with a Thamesmead conveyancing firm who can help.
An example of a Lease Extension decision for a Thamesmead premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The the unexpired residue of the current lease was 76 years.
In relation to leasehold conveyancing in Thamesmead what are the most frequent lease defects?
Leasehold conveyancing in Thamesmead is not unique. Most leases is drafted differently and drafting errors can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
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. Halifax, Bank of Scotland, and Clydesdale 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 withdraw.