Recently asked questions relating to Axbridge leasehold conveyancing
I want to sublet my leasehold apartment in Axbridge. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Some leases for properties in Axbridge do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience suggests 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.
Due to sign contracts shortly on a basement flat in Axbridge. Conveyancing lawyers assured me that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Axbridge should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I've found a house that seems to be perfect, at a reasonable price which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Axbridge. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Axbridge ?
Most houses in Axbridge are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Axbridge in which case you should be shopping around for a Axbridge conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your lawyer will report to you on the legal implications.
I am looking at a two maisonettes in Axbridge which have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Axbridge. The lease is a right to use the premises for a period of time. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area
I work for a long established estate agency in Axbridge where we see a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Axbridge conveyancing solicitors. Could you shed some light as to 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 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 at the same time as completion of the disposal of the property.
An alternative approach is 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.
I inherited a basement flat in Axbridge, conveyancing formalities finalised in 2002. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Axbridge with a long lease are worth £173,000. The ground rent is £65 invoiced annually. The lease expires on 21st October 2100
With 75 years remaining on your lease we estimate the price of your lease extension to be between £10,500 and £12,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
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