Chesham Bois leasehold conveyancing: Q and A’s
I am intending to rent out my leasehold flat in Chesham Bois. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Notwithstanding that your last Chesham Bois conveyancing solicitor is no longer around you can check your lease to check if it allows you to sublet the property. The rule is that if the lease is silent, subletting is permitted. There may be a precondition that you are obliged to obtain permission via your landlord or some other party in advance of subletting. The net result is you not allowed to sublet in the absence of first obtaining permission. Such consent must not not be unreasonably turned down. If your lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.
I have recently realised that I have 72 years unexpired on my lease in Chesham Bois. I now wish to get lease extension but my freeholder is absent. What are my options?
On the basis that you meet the appropriate requirements, 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 have done all that could be expected to track down the freeholder. On the whole a specialist would be helpful to carry out a search and prepare a report to be used as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Chesham Bois.
Planning to exchange soon on a leasehold property in Chesham Bois. Conveyancing lawyers have said that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Chesham Bois should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
I have just started marketing my ground floor apartment in Chesham Bois.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?
It best that you discharge the invoice 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.
What makes a Chesham Bois lease unacceptable for security purposes?
Leasehold conveyancing in Chesham Bois is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, The Mortgage Works, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.
I own a basement flat in Chesham Bois, conveyancing formalities finalised in 2001. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Chesham Bois with a long lease are worth £270,000. The ground rent is £65 charged once a year. The lease terminates on 21st October 2077
With 51 years remaining on your lease the likely cost is going to span between £39,000 and £45,000 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 in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
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