Recently asked questions relating to Upton Park leasehold conveyancing
My fiance and I may need to rent out our Upton Park ground floor flat temporarily due to a new job. We instructed a Upton Park conveyancing firm in 2004 but they have closed and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
The lease dictates the relationship between the freeholder and you the flat owner; in particular, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Upton Park do not prevent subletting altogether – such a clause would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Upton Park. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Upton Park ?
Most houses in Upton Park are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Upton Park so you should seriously consider looking for a Upton Park conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your solicitor should report to you on the legal implications.
My wife and I purchased a leasehold house in Upton Park. Conveyancing and The Mortgage Works mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Upton Park who acted for me is not around.Do I pay?
The first thing you should do is contact HMLR to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Upton Park conveyancing practitioner 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 rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of maisonettes in Upton Park which have approximately fifty years left on the leases. Do I need to be concerned?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area
Do you have any top tips for leasehold conveyancing in Upton Park from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Upton Park can be bypassed where you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the buyers lawyers.
- The majority landlords or managing agents in Upton Park charge for providing management packs for a leasehold homes. You or your lawyers should find out 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 average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Upton Park.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Upton Park conveyancing firm to help?
You certainly can. We are happy to put you in touch with a Upton Park conveyancing firm who can help.
An example of a Lease Extension decision for a Upton Park residence is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case affected 1 flat. The the number of years remaining on the existing lease(s) was 69.77 years.