Top Five Questions relating to Alvaston leasehold conveyancing
My husband and I may need to let out our Alvaston basement flat for a while due to a new job. We instructed a Alvaston conveyancing practice in 2004 but they have closed and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your previous Alvaston conveyancing solicitor is not available you can check your lease to check if you are permitted to let out the premises. The accepted inference is that if the lease is silent, subletting is allowed. There may be a precondition that you need to obtain permission via your landlord or other appropriate person before subletting. This means that you cannot sublet without first obtaining permission. Such consent must not not be unreasonably withheld. If your lease does not allow you to sublet you should ask your landlord for their consent.
I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Alvaston. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
The majority of houses in Alvaston are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Alvaston so you should seriously consider looking for a Alvaston conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your lawyer should advise you fully on all the issues.
I am looking at a two maisonettes in Alvaston both have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Alvaston. The lease is a right to use the premises for a period of time. As the lease shortens the saleability of the lease decreases and it becomes more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area
All being well we will complete the disposal of our £275000 flat in Alvaston on Thursday in a week. The management company has quoted £336 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Alvaston?
Alvaston conveyancing on leasehold maisonettes often involves the buyer’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions the majority will be willing to do so. They are at liberty invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some cases it is in excess of £800. The management information fee required by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, otherwise the invoice is not strictly payable. In reality one has no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
What makes a Alvaston lease problematic?
There is nothing unique about leasehold conveyancing in Alvaston. All leases are unique and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Virgin Money, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
I acquired a leasehold flat in Alvaston, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Alvaston with an extended lease are worth £262,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2072
With 51 years remaining on your lease the likely cost is going to be between £38,000 and £44,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.