Sample questions relating to Caversham leasehold conveyancing
I am intending to let out my leasehold flat in Caversham. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
The lease governs the relationship between the landlord and you the leaseholder; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Caversham do not contain subletting altogether – such a provision would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I have just appointed agents to market my ground floor apartment in Caversham.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I own a leasehold house in Caversham. Conveyancing and National Westminster Bank mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Caversham who previously acted has long since retired.Any advice?
First contact HMLR to make sure that this person is indeed the new freeholder. There is no need to instruct a Caversham conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am employed by a busy estate agent office in Caversham where we have experienced a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Caversham conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that 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 need not have to wait 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 simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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 purchaser.
Do you have any advice for leasehold conveyancing in Caversham with the aim of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Caversham can be reduced if you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
- Many landlords or Management Companies in Caversham charge for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. 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 receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Caversham.
I acquired a 2 bed flat in Caversham, conveyancing formalities finalised 10 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Caversham with a long lease are worth £233,000. The ground rent is £50 per annum. The lease comes to an end on 21st October 2084
With only 63 years remaining on your lease we estimate the price of your lease extension to be between £16,200 and £18,600 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.