Sample questions relating to Brampton leasehold conveyancing
I wish to sublet my leasehold apartment in Brampton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
A lease dictates relations between the freeholder and you the flat owner; in particular, it will set out if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Brampton do not contain strict prohibition on subletting – such a clause would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
My wife and I purchased a leasehold house in Brampton. Conveyancing and Skipton Building Society mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Brampton who previously acted has now retired.Do I pay?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a Brampton conveyancing lawyer to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of apartments in Brampton both have approximately fifty years unexpired on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Brampton is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the property. For most buyers and banks, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Brampton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What advice can you give us when it comes to finding a Brampton 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 Brampton conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Brampton conveyancing practices prior to 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 Brampton in the last 12 months?
All being well we will complete the sale of our £375000 apartment in Brampton next Monday . The management company has quoted £300 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Brampton?
For the majority of leasehold sales in Brampton conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-contract questions
- Where consent is required before sale in Brampton
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I acquired a basement flat in Brampton, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Corresponding flats in Brampton with a long lease are worth £211,000. The ground rent is £50 per annum. The lease ceases on 21st October 2083
With 58 years unexpired we estimate the premium for your lease extension to be between £22,800 and £26,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range 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 comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
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