Recently asked questions relating to Ackworth leasehold conveyancing
My husband and I may need to let out our Ackworth 1st floor flat for a while due to taking a sabbatical. We used a Ackworth conveyancing firm in 2004 but they have closed and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?
Some leases for properties in Ackworth do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
Due to sign contracts shortly on a garden flat in Ackworth. Conveyancing solicitors inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Ackworth should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
I am employed by a reputable estate agent office in Ackworth where we see a number of leasehold sales put at risk due to short leases. I have received contradictory information from local Ackworth conveyancing firms. Please can you clarify whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
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. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
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 Ackworth conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Ackworth conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Ackworth conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- If they are not ALEP accredited then why not?
If all goes to plan we aim to complete the disposal of our £275000 garden flat in Ackworth on Thursday in a week. The managing agents has quoted £360 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Ackworth?
Ackworth conveyancing on leasehold flats often involves the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is not legally bound to address such questions most will be content to assist. They may levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The management information fee required by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, without which the invoice is technically not due. In reality one has little option but to pay whatever is requested of you if you want to complete the sale of your home.
I inherited a ground floor flat in Ackworth, conveyancing having been completed 7 years ago. How much will my lease extension cost? Equivalent properties in Ackworth with an extended lease are worth £244,000. The ground rent is £65 charged once a year. The lease finishes on 21st October 2086
With just 61 years unexpired we estimate the price of your lease extension to span between £24,700 and £28,600 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
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