Chatteris leasehold conveyancing Example Support Desk Enquiries
I am intending to sublet my leasehold flat in Chatteris. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
The lease governs relations between the landlord and you the flat owner; in particular, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Chatteris do not contain an absolute prevention of subletting – such a provision would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Chatteris. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
Most houses in Chatteris are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Chatteris in which case you should be looking for a Chatteris conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will report to you on the legal implications.
I am tempted by the attractive purchase price for a two apartments in Chatteris both have about forty five years left on the leases. Do I need to be concerned?
There are plenty of short leases in Chatteris. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena
What advice can you give us when it comes to choosing a Chatteris conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Chatteris conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Chatteris conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- If they are not ALEP accredited then what is the reason?
What makes a Chatteris lease defective?
Leasehold conveyancing in Chatteris is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Norwich and Peterborough Building Society, and Britannia 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 defective they may refuse to grant the mortgage, obliging the buyer to withdraw.
I purchased a studio flat in Chatteris, conveyancing was carried out 1996. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Chatteris with an extended lease are worth £243,000. The average or mid-range amount of ground rent is £50 yearly. The lease finishes on 21st October 2071
You have 50 years remaining on your lease the likely cost is going to be between £41,800 and £48,400 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.