Sample questions relating to Arlesey leasehold conveyancing
My partner and I may need to rent out our Arlesey garden flat for a while due to taking a sabbatical. We instructed a Arlesey conveyancing practice in 2004 but they have closed and we did not think at the time get any guidance as to whether the lease allows us to sublet. How do we find out?
A lease governs the relationship between the landlord and you the flat owner; specifically, it will say if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Arlesey do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I today plan to offer on a house that appears to meet my requirements, 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 would have thought that there are particular concerns purchasing a leasehold house in Arlesey. Conveyancing advisers have are about to be appointed. Will they explain the issues?
Most houses in Arlesey are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Arlesey so you should seriously consider looking for a Arlesey conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer should advise you fully on all the issues.
I am a negotiator for a busy estate agent office in Arlesey where we have experienced a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Arlesey conveyancing firms. Could you clarify whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease 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. This means that the buyer 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 needs to be completed prior to, or simultaneously with 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 purchaser.
Can you offer any advice when it comes to choosing a Arlesey conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Arlesey conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Arlesey conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- Can they put you in touch with client in Arlesey who can give a testimonial?
Can you provide any top tips for leasehold conveyancing in Arlesey with the purpose of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Arlesey can be reduced if you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- Many freeholders or Management Companies in Arlesey charge for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Arlesey.
I am the registered owner of a ground floor flat in Arlesey, conveyancing formalities finalised in 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Arlesey with a long lease are worth £190,000. The ground rent is £60 yearly. The lease finishes on 21st October 2086
With only 66 years remaining on your lease the likely cost is going to range between £14,300 and £16,400 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.