Camborne leasehold conveyancing: Q and A’s
I want to sublet my leasehold apartment in Camborne. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
A small minority of properties in Camborne do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience suggests 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 looking at a two flats in Camborne which have approximately 50 years left on the lease term. Will this present a problem?
There are plenty of short leases in Camborne. The lease is a right to use the property for a period of time. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field
What are your top tips when it comes to appointing a Camborne conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Camborne conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Camborne conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- How familiar is the practice with lease extension legislation?
All being well we will complete the sale of our £350000 maisonette in Camborne next Thursday . The landlords agents has quoted £348 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Camborne?
Camborne conveyancing on leasehold flats normally involves the buyer’s conveyancer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions the majority will be content to assist. They are entitled charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is above £800. The management information fee demanded by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, otherwise the invoice is not strictly payable. In reality you have little option but to pay whatever is demanded should you wish to complete the sale of your home.
Are there frequently found problems that you encounter in leases for Camborne properties?
There is nothing unique about leasehold conveyancing in Camborne. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Coventry Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
Leasehold Conveyancing in Camborne - Examples of Queries Prior to Purchasing
How many years are left on the lease?
What is the yearly service fee and ground rent?
How is the lease structured?