Top Five Questions relating to Beaconsfield leasehold conveyancing
My husband and I may need to sub-let our Beaconsfield basement flat temporarily due to a new job. We instructed a Beaconsfield conveyancing firm in 2002 but they have closed and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
Some leases for properties in Beaconsfield do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to 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.
Having checked my lease I have discovered that there are only Sixty One years unexpired on my lease in Beaconsfield. I now want to get lease extension but my landlord is missing. What are my options?
On the basis that you qualify, 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 mean that your lease can be extended by the magistrate. You will be obliged to prove that you have done all that could be expected to locate the freeholder. On the whole an enquiry agent would be useful to carry out a search and to produce a report to be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the application to the County Court overseeing Beaconsfield.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Beaconsfield. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Beaconsfield ?
The majority of houses in Beaconsfield are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Beaconsfield in which case you should be shopping around for a Beaconsfield conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your lawyer will report to you on the legal implications.
I am looking at a two flats in Beaconsfield which have about forty five years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Beaconsfield is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Beaconsfield conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
All being well we will complete the disposal of our £425000 flat in Beaconsfield next Wednesday . The freeholder has quoted £396 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Beaconsfield?
Beaconsfield conveyancing on leasehold apartments usually necessitates the purchaser’s lawyer sending questions for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to do so. They are entitled invoice a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it is above £800. The administration charge required by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, without which the invoice is not strictly payable. In reality one has no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I acquired a studio flat in Beaconsfield, conveyancing was carried out in 1995. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Beaconsfield with a long lease are worth £206,000. The ground rent is £45 invoiced every year. The lease comes to an end on 21st October 2073
You have 50 years unexpired we estimate the premium for your lease extension to be between £39,000 and £45,000 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.