Recently asked questions relating to Chesham Bois leasehold conveyancing
I would like to let out my leasehold apartment 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?
A lease governs the relationship between the freeholder and you the leaseholder; 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 expres ban or restriction, subletting is allowed. The majority of leases in Chesham Bois do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
Planning to sign contracts shortly on a studio apartment in Chesham Bois. Conveyancing lawyers inform me that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Chesham Bois should include some of the following:
- You should be sent a copy of the lease
Estate agents have just been given the go-ahead to market my 2 bed flat in Chesham Bois.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge demand – what should I do?
The sensible thing to do is clear 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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.
I work for a long established estate agency in Chesham Bois where we have witnessed a number of leasehold sales put at risk as a result of short leases. I have been given inconsistent advice from local Chesham Bois conveyancing solicitors. Can you confirm whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
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. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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.
What are your top tips when it comes to appointing a Chesham Bois conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Chesham Bois conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Chesham Bois conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- Can they put you in touch with client in Chesham Bois who can give a testimonial?
I acquired a basement flat in Chesham Bois, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Chesham Bois with a long lease are worth £206,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2102
With 79 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt 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 based on this information without first getting professional advice.