Top Five Questions relating to Yiewsley leasehold conveyancing
I want to let out my leasehold apartment in Yiewsley. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A small minority of properties in Yiewsley do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I’m about to sell my 2 bed apartment in Yiewsley.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it more attractive. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Yiewsley. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
The majority of houses in Yiewsley are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Yiewsley so you should seriously consider shopping around for a Yiewsley conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer should appraise you on the various issues.
I am looking at a couple of maisonettes in Yiewsley which have in the region of forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Yiewsley is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of buyers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Yiewsley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am the proprietor of a garden flat in Yiewsley. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
in cases where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to assess the price.
An example of a Freehold Enfranchisement decision for a Yiewsley residence is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case was in relation to 2 flats. The unexpired term was 69 years.
When it comes to leasehold conveyancing in Yiewsley what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Yiewsley. Most leases are individual and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- 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
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Bank of Scotland, and TSB all have very detailed 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 grant the mortgage, forcing the purchaser to pull out.