Frequently asked questions relating to West Drayton leasehold conveyancing
I want to rent out my leasehold apartment in West Drayton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your previous West Drayton conveyancing lawyer is not available you can review your lease to check if you are permitted to let out the apartment. The rule is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you must seek permission from your landlord or some other party prior to subletting. The net result is you not allowed to sublet without first obtaining consent. Such consent is not allowed to be unreasonably withheld. If the lease prohibits you from letting out the property you will need to ask your landlord if they are willing to waive this restriction.
Planning to exchange soon on a garden flat in West Drayton. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in West Drayton should include some of the following:
- The physical extent of the premises. This will be the property itself but could also include a loft or cellar if appropriate.
I am tempted by the attractive purchase price for a two flats in West Drayton both have in the region of forty five years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in West Drayton is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 premises 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 West Drayton 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 the agreed 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 a negotiator for a reputable estate agency in West Drayton where we have experienced a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local West Drayton conveyancing firms. Please can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease 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. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
What advice can you give us when it comes to finding a West Drayton conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a West Drayton conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non West Drayton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- How many lease extensions have they completed in West Drayton in the last year?
I am the registered owner of a first floor flat in West Drayton. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
Most definitely. We can put you in touch with a West Drayton conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a West Drayton premises 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 lease term was 69 years.
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