Top Five Questions relating to Calcot leasehold conveyancing
I wish to rent out my leasehold apartment in Calcot. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Notwithstanding that your last Calcot conveyancing lawyer is no longer available you can check your lease to check if it allows you to sublet the property. The rule is that if the lease is non-specific, subletting is allowed. There may be a precondition that you must seek permission via your landlord or some other party before subletting. The net result is you not allowed to sublet in the absence of first obtaining consent. Such consent should not be unreasonably withheld. If your lease does not allow you to sublet you will need to ask your landlord for their consent.
I today plan to offer on a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Calcot. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Calcot ?
Most houses in Calcot are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Calcot so you should seriously consider shopping around for a Calcot conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your solicitor should appraise you on the various issues.
I am tempted by the attractive purchase price for a two flats in Calcot which have in the region of fifty years remaining on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Calcot is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Calcot conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am employed by a busy estate agent office in Calcot where we have witnessed a number of leasehold sales derailed due to short leases. I have received conflicting advice from local Calcot conveyancing firms. Please can you clarify whether the owner of a flat can initiate the lease extension process for the buyer?
As long as 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. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is 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 buyer.
Do you have any advice for leasehold conveyancing in Calcot with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Calcot can be avoided where you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the buyers lawyers.
- Many freeholders or Management Companies in Calcot charge for supplying management packs for a leasehold premises. You or your lawyers should find out 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 reason for frustration in leasehold conveyancing in Calcot.
I purchased a garden flat in Calcot, conveyancing having been completed in 1999. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Calcot with an extended lease are worth £246,000. The ground rent is £60 invoiced annually. The lease runs out on 21st October 2083
With 62 years unexpired we estimate the premium for your lease extension to span between £21,900 and £25,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.