Examples of recent questions relating to leasehold conveyancing in Beaminster
My partner and I may need to rent out our Beaminster ground floor flat for a while due to taking a sabbatical. We instructed a Beaminster conveyancing firm in 2001 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?
Your lease dictates 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 conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Beaminster do not prevent an absolute prevention of subletting – such a clause would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I have just started marketing my ground floor apartment in Beaminster.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly maintenance charge invoice – what should I do?
The sensible thing to do is pay 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. This will smooth the conveyancing process.
I am attracted to a couple of maisonettes in Beaminster both have approximately 50 years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Beaminster. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the saleability of the lease reduces and it becomes more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area
I've recently bought a leasehold house in Beaminster. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee 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. A critical element 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).
Do you have any top tips for leasehold conveyancing in Beaminster from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Beaminster can be bypassed where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers conveyancers.
- The majority freeholders or Management Companies in Beaminster levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Beaminster.
I bought a ground floor flat in Beaminster, conveyancing formalities finalised 2006. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Beaminster with an extended lease are worth £173,000. The ground rent is £60 invoiced every year. The lease runs out on 21st October 2086
With 63 years left to run we estimate the premium for your lease extension to range between £17,100 and £19,800 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns 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 placing reliance on this information without first getting professional advice.