Askam In Furness leasehold conveyancing: Q and A’s
My fiance and I may need to let out our Askam In Furness garden flat for a while due to a career opportunity. We used a Askam In Furness conveyancing practice in 2003 but they have since shut and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?
Some leases for properties in Askam In Furness 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 review 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 permission.
Expecting to sign contracts shortly on a ground floor flat in Askam In Furness. Conveyancing solicitors inform me that they report fully on Monday. 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:
- You should be sent a copy of the lease
I’m about to sell my 2 bed flat in Askam In Furness.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge invoice – Do I pay up?
It best that you discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
My wife and I purchased a leasehold flat in Askam In Furness. Conveyancing and Britannia mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Askam In Furness who acted for me is not around.Do I pay?
First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Askam In Furness conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
What makes a Askam In Furness lease unmortgageable?
There is nothing unique about leasehold conveyancing in Askam In Furness. Most leases are individual and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
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. HSBC Bank, Norwich and Peterborough Building Society, and Britannia all have express 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 grant the mortgage, forcing the purchaser to pull out.
I purchased a basement flat in Askam In Furness, conveyancing formalities finalised 2010. How much will my lease extension cost? Comparable flats in Askam In Furness with over 90 years remaining are worth £255,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ends on 21st October 2082
You have 58 years left to run we estimate the price of your lease extension to span between £21,900 and £25,200 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.