Questions and Answers: Honor Oak leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Honor Oak. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Honor Oak - then the leasehold title will always include the short particulars 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.
My partner and I may need to let out our Honor Oak garden flat temporarily due to a career opportunity. We instructed a Honor Oak conveyancing firm in 2001 but they have closed and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
Even though your previous Honor Oak conveyancing lawyer is no longer available you can check your lease to check if you are permitted to let out the property. The accepted inference is that if the deeds are silent, subletting is allowed. There may be a precondition that you need to obtain permission via your landlord or some other party before subletting. This means you not allowed to sublet without first obtaining permission. Such consent is not allowed to be unreasonably refused ore delayed. If the lease prohibits you from subletting the property you should ask your landlord for their consent.
Looking forward to exchange soon on a garden flat in Honor Oak. Conveyancing solicitors assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Honor Oak should include some of the following:
- The physical extent of the property. This will be the property itself but might incorporate a loft or cellar if appropriate.
I am a negotiator for a busy estate agent office in Honor Oak where we see a number of flat sales jeopardised as a result of short leases. I have been given contradictory information from local Honor Oak conveyancing firms. Could you clarify whether the owner of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 advice for leasehold conveyancing in Honor Oak with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Honor Oak can be bypassed where you get in touch lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the buyers representatives.
- If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Honor Oak leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such changes. Where you dont have the consents to hand you should not contact the landlord without checking with your solicitor first.
Following years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Honor Oak. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We are happy to put you in touch with a Honor Oak conveyancing firm who can help.
An example of a Lease Extension case for a Honor Oak premises is Flat 1 40-42 Ewelme Road in August 2012. the Tribunal assessed the premium for the lease extension in the sum of £11,800 This case affected 1 flat. The remaining number of years on the lease was 61.81 years.
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