Top Five Questions relating to Bexhill On Sea leasehold conveyancing
I want to sublet my leasehold apartment in Bexhill On Sea. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Your lease governs the relationship between the landlord and you the flat owner; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Bexhill On Sea do not contain strict prohibition on 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 tenancy agreement.
There are only 72 years left on my flat in Bexhill On Sea. I now wish to get lease extension but my freeholder is absent. What options are available to me?
On the basis that you meet the appropriate requirements, 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 enable the lease to be lengthened by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to locate the lessor. On the whole an enquiry agent should be useful to carry out a search and to produce a report to be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Bexhill On Sea.
I have just appointed agents to market my 2 bed flat in Bexhill On Sea.Conveyancing has not commenced but I have just had a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you pay the service charge 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 management companies will not acknowledge the buyer until 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am tempted by the attractive purchase price for a couple of maisonettes in Bexhill On Sea both have about forty five years left on the leases. should I be concerned?
There are plenty of short leases in Bexhill On Sea. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena
What advice can you give us when it comes to finding 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 firm) 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 talk with two or three firms including non Bexhill On Sea conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- If the firm is not ALEP accredited then why not?
- Can they put you in touch with client in Bexhill On Sea who can give a testimonial?
I inherited a split level flat in Bexhill On Sea, conveyancing having been completed in 2001. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Bexhill On Sea with a long lease are worth £270,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ends on 21st October 2088
With 62 years left to run we estimate the price of your lease extension to span between £20,900 and £24,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply 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 clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.