Recently asked questions relating to Bingham leasehold conveyancing
I wish to rent out my leasehold flat in Bingham. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
The lease governs relations between the freeholder and you the flat owner; in particular, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Bingham do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I have just appointed agents to market my ground floor flat in Bingham.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge demand – Do I pay up?
The sensible thing to do is discharge 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 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. This will smooth the conveyancing process.
I've found a house that appears to meet my requirements, at a great figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Bingham. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
The majority of houses in Bingham are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Bingham so you should seriously consider looking for a Bingham conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your lawyer will appraise you on the various issues.
I work for a long established estate agency in Bingham where we have witnessed a few flat sales put at risk as a result of short leases. I have received contradictory information from local Bingham conveyancing firms. Could you clarify whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as 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. This means that the proposed purchaser need not have to sit tight for 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 disposal of the property.
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.
All being well we will complete the disposal of our £275000 maisonette in Bingham next Friday . The landlords agents has quoted £408 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Bingham?
Bingham conveyancing on leasehold apartments often necessitates the buyer’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions most will be content to do so. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge demanded by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, otherwise the invoice is technically not due. Reality however dictates that one has no choice but to pay whatever is requested of you should you wish to sell the property.
I acquired a studio flat in Bingham, conveyancing formalities finalised in 1999. Can you work out an approximate cost of a lease extension? Equivalent properties in Bingham with an extended lease are worth £205,000. The ground rent is £50 per annum. The lease comes to an end on 21st October 2076
With only 50 years remaining on your lease the likely cost is going to span between £40,900 and £47,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. 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. You should not move forward placing reliance on this information before seeking the advice of a professional.
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