Frequently asked questions relating to Boscastle leasehold conveyancing
I am on look out for some leasehold conveyancing in Boscastle. Before diving in I would like to find out the unexpired term of the lease.
If the lease is registered - and most are in Boscastle - 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.
Harry (my fiance) and I may need to let out our Boscastle basement flat for a while due to taking a sabbatical. We instructed a Boscastle conveyancing practice in 2004 but they have since shut and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
Notwithstanding that your previous Boscastle conveyancing lawyer is no longer available you can review your lease to see if you are permitted to let out the property. The rule is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you need to obtain consent via your landlord or some other party before subletting. This means that you cannot sublet in the absence of first obtaining consent. The consent is not allowed to be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord for their consent.
What advice can you give us when it comes to appointing a Boscastle conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Boscastle conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Boscastle conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- If the firm is not ALEP accredited then what is the reason?
Do you have any top tips for leasehold conveyancing in Boscastle with the purpose of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Boscastle can be reduced if you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
- The majority landlords or Management Companies in Boscastle charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Boscastle.
Are there common problems that you see in leases for Boscastle properties?
There is nothing unique about leasehold conveyancing in Boscastle. All leases are individual and legal mistakes in the legal wording can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Bank of Scotland, and Barclays Direct all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I acquired a leasehold flat in Boscastle, conveyancing having been completed in 2007. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Boscastle with an extended lease are worth £215,000. The ground rent is £45 invoiced every year. The lease ends on 21st October 2080
With 57 years remaining on your lease we estimate the premium for your lease extension to range between £30,400 and £35,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.