Recently asked questions relating to Askam In Furness leasehold conveyancing
Harry (my fiance) and I may need to let out our Askam In Furness 1st floor flat temporarily due to taking a sabbatical. We instructed a Askam In Furness conveyancing firm in 2003 but they have closed and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
The lease governs relations between the freeholder and you the flat owner; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Askam In Furness do not contain subletting altogether – such a clause would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
Having checked my lease I have discovered that there are only 62 years left on my flat in Askam In Furness. I now want to get lease extension but my landlord is absent. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to prove that you have used your best endeavours to find the lessor. For most situations an enquiry agent would be helpful to try and locate and to produce an expert document which can be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court covering Askam In Furness.
Planning to sign contracts shortly on a leasehold property in Askam In Furness. Conveyancing lawyers assured me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Askam In Furness should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
Last month I purchased a leasehold flat in Askam In Furness. 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. 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).
What makes a Askam In Furness lease problematic?
There is nothing unique about leasehold conveyancing in Askam In Furness. Most leases is drafted differently and drafting errors can result in certain clauses are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- 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
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Chelsea Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.
I acquired a 2 bed flat in Askam In Furness, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Askam In Furness with over 90 years remaining are worth £222,000. The ground rent is £45 charged once a year. The lease ceases on 21st October 2094
With just 72 years remaining on your lease the likely cost is going to span between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be 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 based on this information before getting professional advice.