Common questions relating to Worcester Park leasehold conveyancing
I want to sublet my leasehold flat in Worcester Park. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
The lease dictates the relationship between the landlord and you the leaseholder; in particular, it will set out 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. The majority of leases in Worcester Park do not prevent an absolute prevention of subletting – such a clause would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I've found a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Worcester Park. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Worcester Park ?
The majority of houses in Worcester Park are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Worcester Park so you should seriously consider shopping around for a Worcester Park conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will advise you fully on all the issues.
I am employed by a long established estate agency in Worcester Park where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Worcester Park conveyancing solicitors. Please can you confirm whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner 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 buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
Do you have any top tips for leasehold conveyancing in Worcester Park with the intention of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Worcester Park can be reduced if you get in touch 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’ solicitors.
- Many freeholders or Management Companies in Worcester Park charge for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding 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 Worcester Park.
All being well we will complete the disposal of our £450000 garden flat in Worcester Park in just under a week. The landlords agents has quoted £420 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Worcester Park?
Worcester Park conveyancing on leasehold apartments ordinarily necessitates administration charges raised by freeholders :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Worcester Park
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have had difficulty in trying to purchase the freehold in Worcester Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We are happy to put you in touch with a Worcester Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Worcester Park property is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case was in relation to 1 flat. The unexpired term was 60.43 years.