Common questions relating to Bishops Cleeve leasehold conveyancing
I am in need of some leasehold conveyancing in Bishops Cleeve. Before I set the wheels in motion I would like to find out the remaining lease term.
If the lease is registered - and most are in Bishops Cleeve - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Jane (my partner) and I may need to rent out our Bishops Cleeve 1st floor flat for a while due to a career opportunity. We instructed a Bishops Cleeve conveyancing firm in 2004 but they have closed and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Your lease governs the relationship between the landlord and you the flat owner; specifically, it will say if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Bishops Cleeve do not contain 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.
I am hoping to sign contracts shortly on a ground floor flat in Bishops Cleeve. Conveyancing solicitors assured me that they will have a report out to me tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Bishops Cleeve should include some of the following:
- Setting out your rights in respect of the communal areas in the block.By way of example, does the lease grant a right of way over a path or staircase?
I am looking at a couple of apartments in Bishops Cleeve both have in the region of 50 years unexpired on the leases. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the marketability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena
I am a negotiator for a busy estate agency in Bishops Cleeve where we see a number of leasehold sales derailed as a result of short leases. I have been given contradictory information from local Bishops Cleeve conveyancing solicitors. Could you shed some light as to whether the owner of a flat can commence the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
I inherited a ground floor flat in Bishops Cleeve, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Bishops Cleeve with over 90 years remaining are worth £248,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2082
You have 61 years unexpired we estimate the price of your lease extension to range between £20,900 and £24,200 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.