Recently asked questions relating to Ashton Under Lyne leasehold conveyancing
I wish to let out my leasehold flat in Ashton Under Lyne. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
The lease dictates relations between the freeholder and you the leaseholder; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Ashton Under Lyne do not prevent subletting altogether – such a clause 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 duplicate of the sublease.
I only have Seventy years remaining on my flat in Ashton Under Lyne. I now want to get lease extension but my landlord is missing. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to track down the lessor. For most situations an enquiry agent would be useful to carry out a search and to produce an expert document which can be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Ashton Under Lyne.
I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Ashton Under Lyne. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Ashton Under Lyne ?
Most houses in Ashton Under Lyne are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Ashton Under Lyne in which case you should be shopping around for a Ashton Under Lyne conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor should advise you fully on all the issues.
I am employed by a busy estate agency in Ashton Under Lyne where we have experienced a number of leasehold sales put at risk as a result of short leases. I have been given inconsistent advice from local Ashton Under Lyne conveyancing firms. Can you clarify whether the seller of a flat can start 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having 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 before, or at the same time as completion of the disposal of the property.
An alternative approach is 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 advice can you give us when it comes to appointing a Ashton Under Lyne conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Ashton Under Lyne conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Ashton Under Lyne conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- How familiar is the practice with lease extension legislation?
I acquired a leasehold flat in Ashton Under Lyne, conveyancing having been completed 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Ashton Under Lyne with an extended lease are worth £182,000. The average or mid-range amount of ground rent is £65 yearly. The lease ceases on 21st October 2081
With just 60 years remaining on your lease the likely cost is going to be between £20,900 and £24,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues 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 based on this information without first getting professional advice.