Frequently asked questions relating to St James leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in St James. Before diving in I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in St James - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Jane (my partner) and I may need to let out our St James garden flat temporarily due to a career opportunity. We instructed a St James conveyancing practice in 2004 but they have closed and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your last St James conveyancing solicitor is not around you can check your lease to see if you are permitted to let out the property. The rule is that if the lease is silent, subletting is allowed. There may be a precondition that you must seek consent via your landlord or some other party before subletting. The net result is you not allowed to sublet in the absence of prior consent. Such consent should not be unreasonably withheld. If the lease does not allow you to sublet you should ask your landlord for their consent.
I am looking at a couple of flats in St James both have in the region of forty five years remaining on the leases. Will this present a problem?
There are plenty of short leases in St James. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the value of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. More often than not 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 seek professional assistance from a solicitor and surveyor with experience in this field
What are your top tips when it comes to finding a St James conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a St James conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non St James conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- What volume of lease extensions have they completed in St James in the last year?
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a St James conveyancing firm to act on my behalf?
in cases where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the price.
An example of a Lease Extension case for a St James property is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case was in relation to 2 flats. The unexpired term was 56 years.
In relation to leasehold conveyancing in St James what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in St James. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- 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 may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Mortgage Works, and Alliance & Leicester all have express conveyancing instructions 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, forcing the purchaser to pull out.
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