Blakeney leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Blakeney. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and most are in Blakeney - 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.
I am intending to sublet my leasehold flat in Blakeney. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
A lease dictates relations between the freeholder and you the flat owner; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Blakeney do not prevent an absolute prevention of 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 supplying a copy of the tenancy agreement.
I have just appointed agents to market my 2 bed flat in Blakeney.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear 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 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. 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 apartments in Blakeney both have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Blakeney is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of buyers and lenders, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 property 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 Blakeney conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
I am a negotiator for a busy estate agent office in Blakeney where we have witnessed a number of leasehold sales derailed as a result of short leases. I have been given inconsistent advice from local Blakeney conveyancing solicitors. Please can you confirm whether the seller 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 buyer 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 at the same time as 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.
I invested in buying a basement flat in Blakeney, conveyancing formalities finalised 3 years ago. Can you work out an approximate cost of a lease extension? Similar flats in Blakeney with an extended lease are worth £194,000. The ground rent is £45 invoiced every year. The lease runs out on 21st October 2094
With 71 years remaining on your lease we estimate the price of your lease extension to be between £11,400 and £13,200 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.