Boscombe leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Boscombe. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
If the lease is registered - and most are in Boscombe - 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 let out my leasehold flat in Boscombe. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A lease governs the relationship between the freeholder and you the leaseholder; in particular, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Boscombe do not prevent subletting altogether – such a clause would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I have just started marketing my 2 bed flat in Boscombe.Conveyancing is yet to be initiated but I have just received a half-yearly service charge demand – Do I pay up?
It best that you pay 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 managing agents 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. This will smooth the conveyancing process.
I've found a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Boscombe. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Boscombe ?
Most houses in Boscombe are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Boscombe in which case you should be shopping around for a Boscombe conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will advise you fully on all the issues.
Do you have any advice for leasehold conveyancing in Boscombe from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Boscombe can be bypassed where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ representatives.
- If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Boscombe state that internal structural changes or addition of wooden flooring calls for a licence from the Landlord approving such works. If you dont have the approvals to hand you should not contact the landlord without contacting your conveyancer first.
I am the registered owner of a studio flat in Boscombe, conveyancing having been completed 5 years ago. How much will my lease extension cost? Corresponding flats in Boscombe with an extended lease are worth £240,000. The ground rent is £60 yearly. The lease comes to an end on 21st October 2072
With only 51 years unexpired we estimate the price of your lease extension to span between £38,000 and £44,000 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously 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.