Recently asked questions relating to Alcester leasehold conveyancing
I would like to rent out my leasehold flat in Alcester. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Some leases for properties in Alcester do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience suggests 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.
I only have Seventy years remaining on my flat in Alcester. I now want to get lease extension but my freeholder is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to find the landlord. On the whole an enquiry agent would be useful to carry out a search and prepare an expert document to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the application to the County Court overseeing Alcester.
I work for a reputable estate agent office in Alcester where we see a number of flat sales derailed as a result of short leases. I have received conflicting advice from local Alcester conveyancing solicitors. Please can you clarify whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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 are your top tips when it comes to choosing a Alcester conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Alcester conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Alcester conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How familiar is the practice with lease extension legislation?
Are there common deficiencies that you see in leases for Alcester properties?
There is nothing unique about leasehold conveyancing in Alcester. Most leases is drafted differently and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Barnsley Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.
I purchased a leasehold flat in Alcester, conveyancing was carried out in 2011. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Alcester with an extended lease are worth £178,000. The ground rent is £45 invoiced every year. The lease ends on 21st October 2103
With just 78 years unexpired the likely cost is going to be between £9,500 and £11,000 plus legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
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