Examples of recent questions relating to leasehold conveyancing in Ashbourne
Having had my offer accepted I require leasehold conveyancing in Ashbourne. Before I get started I require certainty as to the unexpired term of the lease.
If the lease is registered - and almost all are in Ashbourne - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Harry (my fiance) and I may need to sub-let our Ashbourne ground floor flat for a while due to a career opportunity. We used a Ashbourne conveyancing practice in 2002 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?
A small minority of properties in Ashbourne do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse 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.
I've recently bought a leasehold flat in Ashbourne. Am I liable to pay service charges for periods before completion of my purchase?
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. It is an essential part 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 am a negotiator for a reputable estate agency in Ashbourne where we have witnessed a number of leasehold sales put at risk as a result of short leases. I have been given contradictory information from local Ashbourne conveyancing solicitors. Please can you clarify whether the vendor of a flat can commence the lease extension process 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. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible 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 buyer.
Do you have any top tips for leasehold conveyancing in Ashbourne from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Ashbourne can be reduced where you appoint lawyers the minute your agents start marketing the 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 approval? Have you, for example installed wooden flooring? Ashbourne leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord approving such changes. If you fail to have the consents to hand do not communicate with the landlord without contacting your conveyancer in the first instance.
- If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unresolved.
- If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share certificate. Arranging a re-issued share certificate is often a time consuming formality and delays many a Ashbourne home move. Where a duplicate share certificate is needed, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.
- You believe that you know the number of years left on your lease but it would be advisable verify this via your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. It is therefore important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.
I own a ground floor flat in Ashbourne, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Ashbourne with a long lease are worth £260,000. The average or mid-range amount of ground rent is £55 yearly. The lease comes to an end on 21st October 2101
You have 75 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.