I have just over seventy years remaining on my lease and need a lease extension for my flat in Sutton. Conveyancing solicitors on the Chelsea Building Society panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 31/1/2025 the requirements read as follows :
Do I need to be concerned that brokers that I am dealing with are recommending a web based conveyancing firm as opposed to a local Sutton conveyancing firm?
As is the case with lots of professional services, often suggestions from relatives can be extremely useful or valuable. But there are lots of players in a conveyancing deal; estate agents, financial adviser and mortgage companies may suggest lawyers to instruct. On occasion the solicitors might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying commercial relationship behind the recommendation. You are free to select your own conveyancer. Don't forget that most mortgage providers have an approved list of conveyancers you have to use for the mortgage related work in your conveyancing.
In scouring the world wide web for the words on line conveyancing in Sutton it shows results of many conveyancersin the area. How do I determine which is the suitable conveyancing solicitor for me?
The preferential method of choosing a suitable conveyancer is through a personal testimonial, so enquire of friends and family who have bought a property in Sutton or a local estate agent or mortgage broker. Fees for conveyancing in Sutton differ, so it's a good idea to request at least four quotes from varying types of solicitors. Make sure that you know that the costs are guaranteed not to to be inflated.
I am attracted to a couple of apartments in Sutton both have approximately fifty years unexpired on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Sutton is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Sutton 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 the registered owner of a two-bedroom flat in Sutton. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
You certainly can. We can put you in touch with a Sutton conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Sutton flat is Buchanan Court 39 Vernon Road in April 2010. the Tribunal assessed that the premium payable for the freehold of the block should be £44,000. This case related to 2 flats. The number of years remaining on the existing lease(s) was 66.67 years.
Is planning permission necessary to convert a single dwelling into two appartments in Sutton? This has been carried out to a house next door to my home in Sutton and was ignorant of the conversion until after the works were done.
Planning Consent yes. Building Regulations yes.