Sample questions relating to Bourne End leasehold conveyancing
I am intending to sublet my leasehold flat in Bourne End. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Your lease governs the relationship between the landlord and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Bourne End do not prevent subletting altogether – such a provision would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
Having checked my lease I have discovered that there are only Sixty One years unexpired on my flat in Bourne End. I am keen to get lease extension but my landlord is absent. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to locate the freeholder. For most situations a specialist may be helpful to carry out a search and to produce an expert document which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s absence and the application to the County Court overseeing Bourne End.
I have just appointed agents to market my ground floor apartment in Bourne End.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should 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. 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 maisonettes in Bourne End both have about fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is advisable 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 such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this area
In relation to leasehold conveyancing in Bourne End what are the most frequent lease problems?
Leasehold conveyancing in Bourne End is not unique. Most leases is drafted differently and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Norwich and Peterborough Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I invested in buying a 1st floor flat in Bourne End, conveyancing formalities finalised 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? Corresponding flats in Bourne End with over 90 years remaining are worth £190,000. The ground rent is £65 yearly. The lease terminates on 21st October 2086
With 65 years left to run we estimate the price of your lease extension to range between £12,400 and £14,200 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.