Sample questions relating to Bournemouth leasehold conveyancing
I am intending to rent out my leasehold apartment in Bournemouth. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
A lease dictates the relationship between the freeholder and you the flat owner; in particular, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Bournemouth do not contain strict prohibition on subletting – such a provision would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I only have Fifty years left on my flat in Bournemouth. I now want to extend my lease but my freeholder is absent. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission 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 or your lawyers have used your best endeavours to locate the landlord. For most situations an enquiry agent may be helpful to carry out a search and prepare a report to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Bournemouth.
Planning to exchange soon on a basement flat in Bournemouth. Conveyancing solicitors inform me that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Bournemouth should include some of the following:
- The total extent of the demise. This will be the property itself but could also include a loft or basement if appropriate.
I have just appointed agents to market my ground floor apartment in Bournemouth.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly service charge invoice – Do I pay up?
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 until 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.
Can you provide any top tips for leasehold conveyancing in Bournemouth with the purpose of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Bournemouth can be bypassed if you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
- Many freeholders or managing agents in Bournemouth charge for supplying 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 on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Bournemouth.
I bought a leasehold flat in Bournemouth, conveyancing having been completed 7 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Bournemouth with over 90 years remaining are worth £263,000. The ground rent is £60 invoiced annually. The lease expires on 21st October 2098
You have 75 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 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 advice on a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.