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Castle Bromwich leasehold conveyancing: Q and A’s

My wife and I may need to rent out our Castle Bromwich garden flat for a while due to taking a sabbatical. We instructed a Castle Bromwich conveyancing practice in 2002 but they have since shut and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?

A small minority of properties in Castle Bromwich do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates 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 only have Fifty years left on my flat in Castle Bromwich. I need to extend my lease but my freeholder is absent. What options are available to me?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the landlord. In some cases a specialist may be helpful to conduct investigations and to produce an expert document to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on devolving into the landlord’s absence and the application to the County Court overseeing Castle Bromwich.

I own a leasehold flat in Castle Bromwich. Conveyancing and Chelsea Building Society mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Castle Bromwich who acted for me is not around.What should I do?

First contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Castle Bromwich conveyancing lawyer to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two maisonettes in Castle Bromwich both have in the region of 50 years unexpired on the lease term. should I be concerned?

There is no doubt about it. A leasehold apartment in Castle Bromwich is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. 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 premises 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 Castle Bromwich 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

Can you offer any advice when it comes to appointing a Castle Bromwich conveyancing firm to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Castle Bromwich conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Castle Bromwich 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:

  • What volume of lease extensions have they carried out in Castle Bromwich in the last 12 months?
  • Can they put you in touch with client in Castle Bromwich who can give a testimonial?

  • I own a basement flat in Castle Bromwich, conveyancing having been completed in 2005. How much will my lease extension cost? Corresponding properties in Castle Bromwich with over 90 years remaining are worth £173,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease runs out on 21st October 2096

    With just 74 years remaining on your lease we estimate the premium for your lease extension to be between £10,500 and £12,000 as well as costs.

    The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Castle Bromwich