Top Five Questions relating to Childwall leasehold conveyancing
My wife and I may need to let out our Childwall ground floor flat for a while due to a career opportunity. We instructed a Childwall conveyancing practice in 2002 but they have since shut and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?
A small minority of properties in Childwall do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Planning to complete next month on a studio apartment in Childwall. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Childwall should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I've recently bought a leasehold house in Childwall. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner 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. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
I work for a long established estate agent office in Childwall where we have experienced a number of flat sales derailed as a result of short leases. I have received conflicting advice from local Childwall conveyancing firms. Please can you confirm whether the owner of a flat can instigate the lease extension formalities for the buyer?
As long as 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 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 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.
Can you offer any advice when it comes to finding a Childwall conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Childwall conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Childwall conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- If they are not ALEP accredited then why not?
I bought a 2 bed flat in Childwall, conveyancing formalities finalised 1996. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Childwall with a long lease are worth £239,000. The average or mid-range amount of ground rent is £55 per annum. The lease terminates on 21st October 2088
With only 63 years unexpired we estimate the price of your lease extension to range between £17,100 and £19,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
Other Topics