Frequently asked questions relating to Ambleside leasehold conveyancing
My fiance and I may need to let out our Ambleside basement flat for a while due to a new job. We used a Ambleside conveyancing firm in 2001 but they have since shut 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 Ambleside 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 permitted. There may be a precondition that you need to obtain permission from your landlord or other appropriate person prior to subletting. This means that you cannot sublet without prior permission. The consent must not not be unreasonably withheld. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I've found a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Ambleside. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Ambleside ?
Most houses in Ambleside are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Ambleside so you should seriously consider shopping around for a Ambleside conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. 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 landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should advise you fully on all the issues.
I am attracted to a couple of apartments in Ambleside both have in the region of 50 years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the marketability of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field
I am a negotiator for a long established estate agent office in Ambleside where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Ambleside conveyancing solicitors. Could you clarify whether the seller of a flat can commence the lease extension formalities for the buyer?
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. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 appointing a Ambleside conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Ambleside conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Ambleside conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the firm with lease extension legislation?
I am the registered owner of a leasehold flat in Ambleside, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Ambleside with a long lease are worth £207,000. The ground rent is £65 levied per year. The lease comes to an end on 21st October 2091
You have 66 years left to run we estimate the premium for your lease extension to be between £16,200 and £18,600 as well as costs.
The figure that we have given is a general guide to costs for extending 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 may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.
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