Frequently asked questions relating to Wanstead leasehold conveyancing
My wife and I may need to rent out our Wanstead basement flat for a while due to a new job. We instructed a Wanstead conveyancing practice in 2001 but they have closed and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?
Even though your previous Wanstead conveyancing lawyer is no longer available you can review your lease to see if it allows you to sublet the premises. The accepted inference is that if the deeds are non-specific, subletting is allowed. Quite often there is a prerequisite that you must obtain permission via your landlord or other appropriate person before subletting. The net result is that you cannot sublet without prior consent. The consent must not not be unreasonably turned down. If the lease prohibits you from letting out the property you should ask your landlord for their consent.
Planning to sign contracts shortly on a leasehold property in Wanstead. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Wanstead should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
Back In 2002, I bought a leasehold flat in Wanstead. Conveyancing and Britannia mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Wanstead who previously acted has long since retired.Do I pay?
The first thing you should do is contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Wanstead conveyancing firm to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of apartments in Wanstead which have approximately forty five years left on the lease term. Do I need to be concerned?
There are plenty of short leases in Wanstead. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease reduces and results in it becoming more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Wanstead conveyancing firm to act on my behalf?
Most definitely. We are happy to put you in touch with a Wanstead conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Wanstead flat is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case was in relation to 2 flats. The unexpired term was 73.92 years.
In relation to leasehold conveyancing in Wanstead what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Wanstead. All leases is drafted differently and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Leeds Building Society, and Godiva Mortgages Ltd 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 is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.