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Examples of recent questions relating to leasehold conveyancing in Calstock

I am on look out for some leasehold conveyancing in Calstock. Before diving in I want to be sure as to the number of years remaining on the lease.

If the lease is registered - and almost all are in Calstock - 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.

Frank (my husband) and I may need to let out our Calstock 1st floor flat temporarily due to a career opportunity. We used a Calstock conveyancing practice in 2001 but they have since shut and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?

Even though your previous Calstock conveyancing solicitor is not available you can check your lease to see if it allows you to sublet the premises. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you are obliged to seek permission via your landlord or other appropriate person before subletting. This means that you cannot sublet without first obtaining consent. The consent should not be unreasonably withheld. If your lease does not allow you to sublet you should ask your landlord for their consent.

Due to exchange soon on a ground floor flat in Calstock. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Calstock should include some of the following:

  • You need to be told what constitutes a Nuisance in the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Responsibility for repairing the window frames
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Calstock please ask your lawyer in ahead of your conveyancing in Calstock

    • Can you offer any advice when it comes to appointing a Calstock conveyancing practice to carry out our lease extension conveyancing?

    If you are instructing a conveyancer for lease extension works (regardless if they are a Calstock conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Calstock conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

    • If they are not ALEP accredited then why not?
  • Can they put you in touch with client in Calstock who can give a testimonial?

    • Do you have any top tips for leasehold conveyancing in Calstock with the intention of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Calstock can be avoided where you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers lawyers.
    • The majority landlords or managing agents in Calstock charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Calstock.
  • Some Calstock leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than ongoing.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is below 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I bought a studio flat in Calstock, conveyancing formalities finalised 1997. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Calstock with an extended lease are worth £235,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease runs out on 21st October 2091

    You have 67 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 plus professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Calstock