Questions and Answers: Burnham leasehold conveyancing
Helen (my wife) and I may need to rent out our Burnham 1st floor flat for a while due to taking a sabbatical. We instructed a Burnham conveyancing practice in 2003 but they have since shut and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?
Even though your previous Burnham conveyancing solicitor is no longer available you can check your lease to check if it allows you to sublet the premises. The rule is that if the lease is non-specific, subletting is allowed. There may be a precondition that you are obliged to obtain consent from your landlord or other appropriate person before subletting. This means that you cannot sublet in the absence of prior permission. Such consent must not not be unreasonably turned down. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
Expecting to exchange soon on a basement flat in Burnham. Conveyancing solicitors assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Burnham should include some of the following:
- You should receive a copy of the lease
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Burnham. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Burnham ?
The majority of houses in Burnham are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Burnham in which case you should be looking for a Burnham conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should advise you fully on all the issues.
I am tempted by the attractive purchase price for a couple of flats in Burnham both have in the region of forty five years left on the leases. should I be concerned?
There are plenty of short leases in Burnham. The lease is a right to use the premises for a period of time. As the lease shortens the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena
Can you offer any advice when it comes to choosing a Burnham conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Burnham conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Burnham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- What volume of lease extensions have they conducted in Burnham in the last twenty four months?
I own a garden flat in Burnham, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Burnham with a long lease are worth £229,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ends on 21st October 2073
You have 53 years remaining on your lease we estimate the price of your lease extension to be between £32,300 and £37,400 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should 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.