Questions and Answers: Chellaston leasehold conveyancing
I am intending to sublet my leasehold apartment in Chellaston. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Notwithstanding that your last Chellaston conveyancing lawyer is not available you can review your lease to see if it allows you to sublet the property. The rule is that if the lease is non-specific, subletting is allowed. There may be a precondition that you need to seek consent from your landlord or some other party in advance of subletting. This means you not allowed to sublet in the absence of prior permission. The consent must not not be unreasonably withheld. If your lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.
There are only 72 years unexpired on my flat in Chellaston. I now want to extend my lease but my landlord is can not be found. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to find the lessor. For most situations an enquiry agent should be useful to try and locate and prepare a report which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a solicitor both on investigating the landlord’s absence and the application to the County Court overseeing Chellaston.
I am hoping to exchange soon on a garden flat in Chellaston. Conveyancing lawyers inform me that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Chellaston should include some of the following:
- The total extent of the demise. This will be the apartment itself but may include a roof space or basement if applicable.
I’m about to sell my ground floor apartment in Chellaston.Conveyancing solicitors are to be appointed soon but I have just had a quarterly maintenance charge invoice – Do I pay up?
The sensible thing to do is discharge 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 until 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 work for a busy estate agency in Chellaston where we have experienced a number of leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Chellaston conveyancing firms. Could you confirm whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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.
I invested in buying a split level flat in Chellaston, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Corresponding flats in Chellaston with an extended lease are worth £226,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease runs out on 21st October 2095
With just 74 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to 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.