Questions and Answers: Bury leasehold conveyancing
I am on look out for some leasehold conveyancing in Bury. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Bury - 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.
I want to rent out my leasehold apartment in Bury. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Even though your last Bury conveyancing lawyer is no longer around you can check your lease to see if it allows you to sublet the apartment. The accepted inference is that if the deeds are non-specific, subletting is allowed. There may be a precondition that you need to seek permission from your landlord or other appropriate person before subletting. This means that you cannot sublet in the absence of prior consent. Such consent must not not be unreasonably turned down. If your lease does not allow you to sublet you will need to ask your landlord for their consent.
I am looking at a two apartments in Bury both have in the region of forty five years unexpired on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the marketability of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena
Last month I purchased a leasehold flat in Bury. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you provide any advice for leasehold conveyancing in Bury from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Bury can be reduced where you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation needed by the purchasers’ conveyancers.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Bury leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. Where you fail to have the paperwork in place you should not communicate with the landlord without checking with your lawyer in advance.
I inherited a 1st floor flat in Bury, conveyancing having been completed 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Bury with over 90 years remaining are worth £248,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2091
With 68 years left to run we estimate the price of your lease extension to range between £10,500 and £12,000 as well as 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 are not able to advice on a more accurate figure without more 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 considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.