Rise Park leasehold conveyancing: Q and A’s
Jane (my partner) and I may need to rent out our Rise Park basement flat temporarily due to a new job. We used a Rise Park conveyancing firm in 2001 but they have closed and we did not think at the time get any guidance as to whether the lease allows us to sublet. How do we find out?
The lease governs the relationship between the freeholder and you the leaseholder; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Rise Park do not prevent subletting altogether – such a clause would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
Planning to exchange soon on a leasehold property in Rise Park. Conveyancing solicitors have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Rise Park should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
- The physical extent of the premises. This will be the property itself but may include a roof space or basement if applicable.
- Will you be prohibited or prevented from having pets in the property?
- Whether the lease restricts you from subletting the flat, or having a home office for business
- You must be told what counts as a Nuisance in the lease
- Changes to the flat (alterations and additions)
- The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
Back In 2001, I bought a leasehold house in Rise Park. Conveyancing and Lloyds TSB Bank mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Rise Park who previously acted has now retired.What should I do?
First make enquiries of the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Rise Park conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
If all goes to plan we aim to complete our sale of a £ 375000 maisonette in Rise Park next week. The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Rise Park?
Rise Park conveyancing on leasehold maisonettes usually requires the purchaser’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be content to do so. They are at liberty charge a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, otherwise the charge is not strictly payable. Reality however dictates that one has little choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I am the leaseholder of a a ground floor purpose built flat in Rise Park. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum due for a lease extension?
You certainly can. We are happy to put you in touch with a Rise Park conveyancing firm who can help.
An example of a Lease Extension decision for a Rise Park property is Flat b 14 Kemble Road in May 2014. The Tribunal assessed the value of the premium payable for the lease extension to be £9,761 This case related to 1 flat.
When it comes to leasehold conveyancing in Rise Park what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Rise Park. All leases is drafted differently and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Norwich and Peterborough Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.
I am the registered owner of a 1st floor flat in Rise Park, conveyancing formalities finalised 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Rise Park with a long lease are worth £238,000. The ground rent is £55 yearly. The lease comes to an end on 21st October 2102
You have 76 years unexpired we estimate the premium for your lease extension to span between £12,400 and £14,200 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.