Frequently asked questions relating to Chesterton leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Chesterton. Before diving in I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Chesterton - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
My wife and I may need to sub-let our Chesterton ground floor flat for a while due to a new job. We instructed a Chesterton conveyancing firm in 2003 but they have closed and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
A lease governs the relationship between the freeholder and you the leaseholder; in particular, it will set out 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 permitted. Most leases in Chesterton do not prevent an absolute prevention of subletting – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I am looking at a two apartments in Chesterton both have approximately fifty years left on the leases. should I be concerned?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease decreases and it becomes more costly to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property 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 seek professional help from a solicitor and surveyor with experience in this area
I work for a long established estate agency in Chesterton where we have experienced a few leasehold sales derailed due to short leases. I have been given inconsistent advice from local Chesterton conveyancing solicitors. Please can you clarify whether the owner of a flat can start the lease extension process 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £275000 apartment in Chesterton in 8 days. The managing agents has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Chesterton?
Chesterton conveyancing on leasehold maisonettes more often than not requires the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to address these enquiries the majority will be content to do so. They may invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge demanded by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, without which the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is demanded if you want to sell the property.
I own a garden flat in Chesterton, conveyancing having been completed in 2007. How much will my lease extension cost? Similar properties in Chesterton with an extended lease are worth £192,000. The ground rent is £50 invoiced every year. The lease ends on 21st October 2078
With 53 years remaining on your lease we estimate the price of your lease extension to range between £32,300 and £37,400 plus professional fees.
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 due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
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