Top Five Questions relating to Bovey Tracey leasehold conveyancing
I am on look out for some leasehold conveyancing in Bovey Tracey. Before diving in I would like to find out the remaining lease term.
Assuming the lease is registered - and most are in Bovey Tracey - 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.
My husband and I may need to sub-let our Bovey Tracey basement flat temporarily due to a new job. We used a Bovey Tracey conveyancing practice in 2003 but they have since shut and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
A small minority of properties in Bovey Tracey do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I am a negotiator for a reputable estate agent office in Bovey Tracey where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Bovey Tracey conveyancing solicitors. Could you shed some light as to whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
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 buyer.
What advice can you give us when it comes to appointing a Bovey Tracey conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Bovey Tracey conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Bovey Tracey conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- How many lease extensions has the firm completed in Bovey Tracey in the last 12 months?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £150000 maisonette in Bovey Tracey in nine days. The freeholder has quoted £336 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Bovey Tracey?
Bovey Tracey conveyancing on leasehold apartments normally involves the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to address such questions most will be content to assist. They are entitled invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it exceeds £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, without which the charge is not strictly payable. Reality however dictates that you have no option but to pay whatever is requested of you if you want to sell the property.
I am the registered owner of a 2 bed flat in Bovey Tracey, conveyancing formalities finalised 5 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Bovey Tracey with over 90 years remaining are worth £170,000. The ground rent is £55 levied per year. The lease ceases on 21st October 2074
You have 53 years remaining on your lease the likely cost is going to span between £30,400 and £35,200 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should 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. You should not take any other action placing reliance on this information before getting professional advice.