Frequently asked questions relating to Thornton Heath leasehold conveyancing
Frank (my husband) and I may need to rent out our Thornton Heath 1st floor flat for a while due to a career opportunity. We used a Thornton Heath conveyancing firm in 2003 but they have since shut and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?
The lease dictates the relationship between the landlord and you the flat owner; specifically, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Thornton Heath do not prevent an absolute prevention of subletting – such a provision would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I only have 68 years unexpired on my lease in Thornton Heath. I am keen to get lease extension but my landlord is absent. What are my options?
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 for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to prove that you have done all that could be expected to find the landlord. On the whole a specialist should be helpful to carry out a search and prepare an expert document to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering Thornton Heath.
I am looking at a two apartments in Thornton Heath which have about forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a period of time. As a lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field
Can you provide any advice for leasehold conveyancing in Thornton Heath from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Thornton Heath can be reduced where you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the buyers conveyancers.
- The majority freeholders or managing agents in Thornton Heath levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Thornton Heath.
Notwithstanding our best efforts, we have been unsuccessful in seeking a lease extension in Thornton Heath. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We can put you in touch with a Thornton Heath conveyancing firm who can help.
An example of a Lease Extension decision for a Thornton Heath flat is Ground Floor Flat 14 Lodge Road in October 2013. the tribunal held that the price payable for the acquisition of the extended lease of the property should be £12,590 .00 This case affected 1 flat. The unexpired term was 69.46 years.
In relation to leasehold conveyancing in Thornton Heath what are the most common lease defects?
Leasehold conveyancing in Thornton Heath is not unique. All leases are individual and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- 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 will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, The Royal Bank of Scotland, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.