Common questions relating to Chesham Bois leasehold conveyancing
Harry (my fiance) and I may need to let out our Chesham Bois garden flat temporarily due to taking a sabbatical. We used a Chesham Bois conveyancing practice in 2003 but they have closed and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your previous Chesham Bois conveyancing solicitor is not available you can check your lease to check if you are permitted to let out the property. The rule is that if the lease is silent, subletting is permitted. There may be a precondition that you must seek consent from your landlord or other appropriate person prior to subletting. This means that you cannot sublet without first obtaining permission. The consent is not allowed to 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.
I am hoping to sign contracts shortly on a basement flat in Chesham Bois. Conveyancing solicitors inform me that they report fully on Monday. 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 expires, and aware of the importance of not letting the lease term falling below eighty years
I am tempted by the attractive purchase price for a two maisonettes in Chesham Bois which have in the region of fifty years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a prescribed time frame. As a lease shortens the marketability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this area
I've recently bought a leasehold property in Chesham Bois. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you provide any advice for leasehold conveyancing in Chesham Bois with the aim of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Chesham Bois can be bypassed where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the buyers conveyancers.
- The majority landlords or managing agents in Chesham Bois charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Chesham Bois.
I invested in buying a 1st floor flat in Chesham Bois, conveyancing having been completed in 2005. How much will my lease extension cost? Comparable flats in Chesham Bois with over 90 years remaining are worth £237,000. The average or mid-range amount of ground rent is £60 per annum. The lease expires on 21st October 2083
You have 61 years left to run the likely cost is going to span between £20,900 and £24,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.