Alston leasehold conveyancing Example Support Desk Enquiries
Frank (my husband) and I may need to rent out our Alston ground floor flat temporarily due to taking a sabbatical. We instructed a Alston conveyancing firm in 2001 but they have closed and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?
Your lease governs the relationship between the freeholder and you the flat owner; specifically, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Alston do not prevent subletting altogether – such a clause would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
Planning to sign contracts shortly on a studio apartment in Alston. Conveyancing lawyers have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Alston should include some of the following:
- Are pets allowed in the flat?
I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have just found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Alston. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Alston ?
The majority of houses in Alston are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Alston in which case you should be shopping around for a Alston conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer will appraise you on the various issues.
I am tempted by the attractive purchase price for a two flats in Alston which have approximately 50 years unexpired on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Alston is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of purchasers and banks, leases with less than 75 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 Alston conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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.
Can you provide any advice for leasehold conveyancing in Alston from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Alston can be reduced if you appoint lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers.
- If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Alston leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord approving such changes. Where you dont have the approvals in place do not communicate with the landlord without contacting your solicitor first.
I acquired a ground floor flat in Alston, conveyancing having been completed 6 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Alston with a long lease are worth £186,000. The ground rent is £50 invoiced every year. The lease ends on 21st October 2074
With just 53 years unexpired we estimate the price of your lease extension to be between £28,500 and £33,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on 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 clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.