Frequently asked questions relating to Bury St Edmunds leasehold conveyancing
I am in need of some leasehold conveyancing in Bury St Edmunds. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is registered - and most are in Bury St Edmunds - then the leasehold title will always include the basic details 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 am intending to rent out my leasehold flat in Bury St Edmunds. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
A small minority of properties in Bury St Edmunds do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates 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 attracted to a two flats in Bury St Edmunds which have about 50 years remaining on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease decreases and it becomes more costly to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field
I am employed by a busy estate agency in Bury St Edmunds where we have experienced a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Bury St Edmunds conveyancing solicitors. Please can you confirm whether the owner of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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 purchaser.
If all goes to plan we aim to complete our sale of a £175000 apartment in Bury St Edmunds next Monday . The freeholder has quoted £324 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Bury St Edmunds?
Bury St Edmunds conveyancing on leasehold apartments often necessitates the purchaser’s solicitor sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be willing to assist. They are entitled levy a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee demanded by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, otherwise the charge is technically not due. In reality one has little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I bought a 1st floor flat in Bury St Edmunds, conveyancing was carried out 1999. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Bury St Edmunds with a long lease are worth £175,000. The ground rent is £45 levied per year. The lease finishes on 21st October 2079
With just 54 years unexpired we estimate the premium for your lease extension to be between £31,400 and £36,200 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
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