Recently asked questions relating to Carbis Bay leasehold conveyancing
I am in need of some leasehold conveyancing in Carbis Bay. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is registered - and 99.9% are in Carbis Bay - 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 want to rent out my leasehold flat in Carbis Bay. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Notwithstanding that your last Carbis Bay conveyancing lawyer is not available you can check your lease to see if it allows you to sublet the premises. The rule is that if the deeds are non-specific, subletting is allowed. There may be a precondition that you must seek consent from your landlord or other appropriate person prior to subletting. The net result is you not allowed to sublet without prior consent. The consent must not not be unreasonably refused ore delayed. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I work for a busy estate agency in Carbis Bay where we have witnessed a number of leasehold sales put at risk due to short leases. I have been given contradictory information from local Carbis Bay conveyancing solicitors. Could you clarify whether the vendor of a flat can start the lease extension formalities 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer 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 at the same time as completion of the disposal of the property.
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.
What are your top tips when it comes to choosing a Carbis Bay conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Carbis Bay conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Carbis Bay conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How experienced is the firm with lease extension legislation?
In relation to leasehold conveyancing in Carbis Bay what are the most common lease defects?
Leasehold conveyancing in Carbis Bay is not unique. All leases is drafted differently and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Barnsley Building Society, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
I own a 1 bedroom flat in Carbis Bay, conveyancing having been completed 10 years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Carbis Bay with an extended lease are worth £257,000. The ground rent is £50 invoiced every year. The lease ceases on 21st October 2075
With 51 years unexpired we estimate the price of your lease extension to be between £35,200 and £40,600 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other 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 placing reliance on this information without first getting professional advice.
Other Topics