Common questions relating to Bexhill On Sea leasehold conveyancing
I want to let out my leasehold apartment in Bexhill On Sea. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Your lease governs relations between the freeholder and you the leaseholder; in particular, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Bexhill On Sea do not prevent subletting altogether – such a clause would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
Having checked my lease I have discovered that there are only 62 years remaining on my lease in Bexhill On Sea. I am keen to get lease extension but my freeholder is missing. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to find the freeholder. On the whole a specialist may be helpful to carry out a search and prepare an expert document to be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on proving the landlord’s absence and the vesting order request to the County Court covering Bexhill On Sea.
I am looking at a couple of flats in Bexhill On Sea which have in the region of forty five years unexpired on the leases. Will this present a problem?
A lease is a right to use the premises for a period of time. As a lease shortens the value of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. It is often 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 difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area
I am employed by a reputable estate agency in Bexhill On Sea where we have experienced a few leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Bexhill On Sea conveyancing firms. Can you shed some light as to whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser 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 before, or simultaneously with completion of the sale.
Alternatively, it may be possible 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.
We expect to complete our sale of a £ 175000 maisonette in Bexhill On Sea in just under a week. The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Bexhill On Sea?
Bexhill On Sea conveyancing on leasehold flats often requires the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is under no legal obligation to address such questions most will be willing to assist. They may charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some situations it is above £800. The administration charge required by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, otherwise the invoice is technically not due. In reality you have no choice but to pay whatever is demanded if you want to complete the sale of your home.
I am the registered owner of a split level flat in Bexhill On Sea, conveyancing having been completed 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Bexhill On Sea with a long lease are worth £207,000. The average or mid-range amount of ground rent is £65 levied per year. The lease finishes on 21st October 2076
With only 50 years unexpired the likely cost is going to range between £34,200 and £39,600 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.