Frequently asked questions relating to Cawthorne leasehold conveyancing
My wife and I may need to sub-let our Cawthorne garden flat for a while due to a career opportunity. We instructed a Cawthorne conveyancing firm in 2002 but they have since shut and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
Some leases for properties in Cawthorne do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to review 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 consent.
Planning to exchange soon on a studio apartment in Cawthorne. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Cawthorne should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
Back In 2000, I bought a leasehold flat in Cawthorne. Conveyancing and Leeds Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Cawthorne who previously acted has long since retired.Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to instruct a Cawthorne conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, 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 couple of flats in Cawthorne both have approximately fifty years unexpired on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area
I am employed by a reputable estate agent office in Cawthorne where we have experienced a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Cawthorne conveyancing firms. Can you shed some light as to whether the seller of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
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.
I purchased a 2 bed flat in Cawthorne, conveyancing formalities finalised 8 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 Cawthorne with a long lease are worth £185,000. The ground rent is £50 levied per year. The lease comes to an end on 21st October 2097
With 72 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
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