Top Five Questions relating to Borrowash leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Borrowash. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is registered - and most are in Borrowash - then the leasehold title will always include the basic details 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 wish to sublet my leasehold apartment in Borrowash. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Even though your previous Borrowash conveyancing solicitor is no longer available you can review your lease to check if you are permitted to let out the premises. The rule is that if the deeds are silent, subletting is permitted. There may be a precondition that you need to seek consent from your landlord or other appropriate person in advance of subletting. The net result is you not allowed to sublet without prior consent. The consent must not not be unreasonably withheld. If your lease prohibits you from letting out the property you should ask your landlord for their consent.
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Borrowash. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
The majority of houses in Borrowash are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Borrowash so you should seriously consider shopping around for a Borrowash conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer will advise you fully on all the issues.
I am employed by a long established estate agent office in Borrowash where we have experienced a number of leasehold sales put at risk due to short leases. I have received contradictory information from local Borrowash conveyancing firms. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as 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 purchaser.
What advice can you give us when it comes to finding a Borrowash conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Borrowash conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Borrowash conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How many lease extensions have they carried out in Borrowash in the last 12 months?
I acquired a ground floor flat in Borrowash, conveyancing was carried out 5 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Borrowash with over 90 years remaining are worth £179,000. The ground rent is £65 yearly. The lease ceases on 21st October 2097
With only 72 years remaining on your lease the likely cost is going to range between £10,500 and £12,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other concerns 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 placing reliance on this information without first getting professional advice.
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