Sample questions relating to Covent Garden leasehold conveyancing
Helen (my wife) and I may need to rent out our Covent Garden garden flat for a while due to a career opportunity. We instructed a Covent Garden conveyancing practice in 2004 but they have since shut and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your previous Covent Garden conveyancing lawyer is not available you can check your lease to see if it allows you to sublet the premises. The accepted inference is that if the deeds are non-specific, subletting is allowed. Quite often there is a prerequisite that you are obliged to obtain permission via your landlord or other appropriate person prior to subletting. This means you not allowed to sublet in the absence of first obtaining consent. The consent must not not be unreasonably refused ore delayed. If the lease does not allow you to sublet you will need to ask your landlord for their consent.
I’m about to sell my basement apartment in Covent Garden.Conveyancing has not commenced but I have just received a yearly service charge demand – should I leave it to the buyer to sort out?
It best that you clear the invoice 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 management companies will not acknowledge the buyer unless 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 today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Covent Garden. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Covent Garden ?
Most houses in Covent Garden are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Covent Garden in which case you should be shopping around for a Covent Garden conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your solicitor will appraise you on the various issues.
I am looking at a couple of flats in Covent Garden which have approximately 50 years left on the leases. Will this present a problem?
There are plenty of short leases in Covent Garden. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the value of the lease reduces and it becomes more costly to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena
Last month I purchased a leasehold house in Covent Garden. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have given up trying to purchase the freehold in Covent Garden. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We are happy to put you in touch with a Covent Garden conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Covent Garden property is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case was in relation to 1 flat. The the unexpired residue of the current lease was 73.26 years.
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