Common questions relating to Allenton leasehold conveyancing
I am on look out for some leasehold conveyancing in Allenton. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is registered - and most are in Allenton - then the leasehold title will always include the basic details 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.
Harry (my fiance) and I may need to rent out our Allenton garden flat for a while due to a new job. We used a Allenton conveyancing firm in 2001 but they have closed and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
Even though your last Allenton conveyancing lawyer is not available you can review your lease to check if it allows you to sublet the apartment. The accepted inference is that if the lease is non-specific, subletting is allowed. There may be a precondition that you are obliged to seek consent via your landlord or some other party before subletting. The net result is that you cannot sublet in the absence of prior consent. The consent is not allowed to be unreasonably turned down. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
Back In 2005, I bought a leasehold flat in Allenton. Conveyancing and Bank of Ireland mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Allenton who previously acted has now retired.What should I do?
The first thing you should do is contact HMLR to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Allenton conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am a negotiator for a busy estate agency in Allenton where we have witnessed a number of leasehold sales derailed as a result of short leases. I have received contradictory information from local Allenton conveyancing firms. Can you clarify whether the vendor of a flat can commence the lease extension process 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with 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 purchaser.
Do you have any top tips for leasehold conveyancing in Allenton with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Allenton can be reduced if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ representatives.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Allenton state that internal structural changes or installing wooden flooring necessitate a licence from the Landlord consenting to such works. Should you dont have the consents in place do not communicate with the landlord without checking with your conveyancer first.
I inherited a leasehold flat in Allenton, conveyancing having been completed 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Allenton with a long lease are worth £246,000. The ground rent is £45 invoiced annually. The lease ceases on 21st October 2098
You have 78 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.