Common questions relating to Babbacombe leasehold conveyancing
My wife and I may need to rent out our Babbacombe basement flat temporarily due to a career opportunity. We instructed a Babbacombe conveyancing practice in 2003 but they have since shut and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?
A small minority of properties in Babbacombe do contain a provision to say that subletting is only permitted with prior consent from the landlord. 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 permission.
I have recently realised that I have 62 years remaining on my flat in Babbacombe. I now want to get lease extension but my landlord is absent. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to locate the freeholder. For most situations an enquiry agent would be helpful to conduct investigations and prepare a report to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Babbacombe.
Due to complete next month on a studio apartment in Babbacombe. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Babbacombe should include some of the following:
- You should receive a copy of the lease
Do you have any advice for leasehold conveyancing in Babbacombe with the intention of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Babbacombe can be reduced if you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers solicitors.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Babbacombe leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord consenting to such works. Where you fail to have the approvals in place do not contact the landlord without checking with your conveyancer before hand.
When it comes to leasehold conveyancing in Babbacombe what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Babbacombe. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You could have 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. Barclays , Bank of Scotland, and Nottingham Building Society all have very detailed conveyancing instructions 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 provide security, forcing the purchaser to pull out.
I am the registered owner of a leasehold flat in Babbacombe, conveyancing formalities finalised 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Babbacombe with over 90 years remaining are worth £189,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ends on 21st October 2103
With only 78 years unexpired the likely cost is going to span between £11,400 and £13,200 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
Other Topics