Frequently asked questions relating to Caergwrle leasehold conveyancing
My husband and I may need to let out our Caergwrle garden flat temporarily due to taking a sabbatical. We used a Caergwrle conveyancing firm in 2001 but they have closed and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
A lease governs relations between the landlord and you the leaseholder; specifically, it will indicate 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 permitted. Most leases in Caergwrle do not prevent an absolute prevention of subletting – such a provision would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
I have recently realised that I have Seventy years remaining on my lease in Caergwrle. I need to get lease extension but my freeholder is absent. What should I do?
If you qualify, 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 mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you or your lawyers have made all reasonable attempts to locate the freeholder. For most situations an enquiry agent should be useful to carry out a search and to produce an expert document to be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a property lawyer both on proving the landlord’s disappearance and the application to the County Court covering Caergwrle.
Looking forward to sign contracts shortly on a garden flat in Caergwrle. Conveyancing lawyers inform me that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Caergwrle should include some of the following:
- The physical extent of the demise. This will be the property itself but may include a loft or basement if appropriate.
I work for a reputable estate agent office in Caergwrle where we see a number of flat sales jeopardised due to short leases. I have received conflicting advice from local Caergwrle conveyancing solicitors. Could you confirm whether the vendor of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease 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. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £350000 flat in Caergwrle next Thursday . The management company has quoted £372 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Caergwrle?
For the majority of leasehold sales in Caergwrle conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-exchange enquiries
- Where consent is required before sale in Caergwrle
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I purchased a 2 bed flat in Caergwrle, conveyancing formalities finalised 4 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Caergwrle with over 90 years remaining are worth £175,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease runs out on 21st October 2087
With only 61 years left to run the likely cost is going to be between £17,100 and £19,800 as well as legals.
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 this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
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