Examples of recent questions relating to leasehold conveyancing in West Brompton
My wife and I may need to let out our West Brompton garden flat temporarily due to taking a sabbatical. We used a West Brompton conveyancing practice in 2004 but they have closed and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
Even though your previous West Brompton conveyancing solicitor is not around you can check your lease to check if you are permitted to let out the apartment. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you are obliged to seek consent from your landlord or other appropriate person before subletting. The net result is that you cannot sublet in the absence of first obtaining permission. The consent is not allowed to be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I am tempted by the attractive purchase price for a couple of apartments in West Brompton both have about fifty years remaining on the leases. Will this present a problem?
There are plenty of short leases in West Brompton. The 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 costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field
I work for a long established estate agent office in West Brompton where we see a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local West Brompton conveyancing firms. Can you confirm whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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 buyer.
Can you provide any top tips for leasehold conveyancing in West Brompton with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in West Brompton can be avoided where you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
- The majority landlords or Management Companies in West Brompton charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in West Brompton.
All being well we will complete the disposal of our £125000 apartment in West Brompton on Tuesday in a week. The management company has quoted £324 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in West Brompton?
West Brompton conveyancing on leasehold maisonettes ordinarily necessitates fees being invoiced by freeholders :
- Addressing pre-contract enquiries
- Where consent is required before sale in West Brompton
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
My wife and I have hit a brick wall in trying to purchase the freehold in West Brompton. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to decide the sum to be paid.
An example of a Freehold Enfranchisement decision for a West Brompton premises is 5 Wetherby Gardens in June 2014. the Tribunal concluded that the price to be paid for the freehold of the property was £2,369,452. This case related to 5 flats. The the unexpired term as at the valuation date was 38.98 years.