Sample questions relating to Bexhill On Sea leasehold conveyancing
Harry (my fiance) and I may need to rent out our Bexhill On Sea 1st floor flat temporarily due to a career opportunity. We instructed a Bexhill On Sea conveyancing practice in 2004 but they have since shut and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?
Some leases for properties in Bexhill On Sea do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to see 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 consent.
I’m about to sell my garden flat in Bexhill On Sea.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service 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 looking at a two flats in Bexhill On Sea both have approximately fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Bexhill On Sea is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and banks, leases with under eighty 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 a residence 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 Bexhill On Sea conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
What are your top tips when it comes to choosing a Bexhill On Sea conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Bexhill On Sea conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Bexhill On Sea conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How familiar is the practice with lease extension legislation?
- What are the legal fees for lease extension work?
Completion in due on the disposal of our £ 375000 apartment in Bexhill On Sea next week. The management company has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Bexhill On Sea?
Bexhill On Sea conveyancing on leasehold flats nine out of ten times involves administration charges raised by freeholders :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Bexhill On Sea
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Bexhill On Sea - A selection of Questions you should consider before buying
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The prefered form of lease structure is a share of the freehold. In this scenario the tenants enjoy control and even though a managing agent is often retained where the building is larger than a house conversion, the managing agent is directed by the tenants.