Fixed-fee leasehold conveyancing in Braunton:

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Top Five Questions relating to Braunton leasehold conveyancing

Jane (my partner) and I may need to let out our Braunton basement flat for a while due to a new job. We used a Braunton conveyancing practice in 2002 but they have closed and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?

Notwithstanding that your last Braunton conveyancing solicitor is not around you can check your lease to check if it allows you to sublet the premises. The accepted inference is that if the lease is silent, subletting is permitted. There may be a precondition that you must seek permission via your landlord or other appropriate person before subletting. The net result is that you cannot sublet in the absence of prior permission. The consent must not not be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord for their consent.

I have recently realised that I have 68 years remaining on my lease in Braunton. I now want to extend my lease but my landlord is absent. What options are available to me?

If you meet the appropriate requirements, 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 or your lawyers have done all that could be expected to track down the landlord. On the whole a specialist should be helpful to carry out a search and to produce a report to be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s absence and the application to the County Court covering Braunton.

I own a leasehold flat in Braunton. Conveyancing and Platform Home Loans Ltd mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Braunton who acted for me is not around.Any advice?

First make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to instruct a Braunton conveyancing solicitor to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

Do you have any top tips for leasehold conveyancing in Braunton with the aim of speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Braunton can be bypassed if you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers representatives.
  • The majority landlords or Management Companies in Braunton charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Braunton.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Braunton leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord approving such changes. If you fail to have the approvals to hand you should not communicate with the landlord without contacting your solicitor in advance.
  • Some Braunton leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • You believe that you know the number of years remaining on your lease but it would be wise to double-check via your solicitors. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 80 years. It is therefore important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • What are the frequently found deficiencies that you encounter in leases for Braunton properties?

    Leasehold conveyancing in Braunton is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the property
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Bank of Scotland, and Aldermore all have very detailed conveyancing instructions 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 provide security, obliging the buyer to withdraw.

    I acquired a basement flat in Braunton, conveyancing having been completed 5 years ago. How much will my lease extension cost? Comparable properties in Braunton with a long lease are worth £183,000. The ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2081

    You have 55 years left to run we estimate the premium for your lease extension to be between £26,600 and £30,800 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Braunton