Examples of recent questions relating to leasehold conveyancing in Anlaby
My fiance and I may need to rent out our Anlaby basement flat for a while due to a career opportunity. We instructed a Anlaby conveyancing firm in 2001 but they have closed and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?
Some leases for properties in Anlaby do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience dictates 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 consent.
Last month I purchased a leasehold house in Anlaby. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I work for a long established estate agency in Anlaby where we have witnessed a few flat sales jeopardised as a result of short leases. I have received inconsistent advice from local Anlaby conveyancing firms. Please can you shed some light as to whether the owner of a flat can initiate the lease extension formalities 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 commence 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 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 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.
Can you provide any top tips for leasehold conveyancing in Anlaby with the purpose of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Anlaby can be reduced if you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives.
- Many landlords or managing agents in Anlaby charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Anlaby.
In relation to leasehold conveyancing in Anlaby what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Anlaby. All leases are individual and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- 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 may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Barnsley Building Society, and Bank of Ireland all have very detailed requirements 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, forcing the buyer to withdraw.
I am the registered owner of a 1 bedroom flat in Anlaby, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Anlaby with over 90 years remaining are worth £225,000. The average or mid-range amount of ground rent is £55 per annum. The lease finishes on 21st October 2080
With only 59 years unexpired we estimate the price of your lease extension to span between £20,000 and £23,000 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.