Recently asked questions relating to Chipping Sodbury leasehold conveyancing
I am in need of some leasehold conveyancing in Chipping Sodbury. Before I get started I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Chipping Sodbury - 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.
I would like to sublet my leasehold apartment in Chipping Sodbury. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Notwithstanding that your previous Chipping Sodbury conveyancing lawyer is no longer available you can check your lease to check if you are permitted to let out the premises. The accepted inference is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you need to obtain permission from your landlord or other appropriate person in advance of subletting. This means that you cannot sublet without first obtaining permission. Such consent should not be unreasonably refused ore delayed. If your lease prohibits you from subletting the property you will need to ask your landlord for their consent.
I only have Sixty One years remaining on my lease in Chipping Sodbury. I need to extend my lease but my landlord is missing. What are my options?
If 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 granted an extra 90 years by the magistrate. However, you will be required to prove that you have done all that could be expected to find the freeholder. On the whole a specialist would be useful to carry out a search and to produce an expert document which can be used as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer both on investigating the landlord’s absence and the application to the County Court covering Chipping Sodbury.
Due to sign contracts shortly on a leasehold property in Chipping Sodbury. Conveyancing lawyers have said 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?
Your report on title for your leasehold conveyancing in Chipping Sodbury should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
When it comes to leasehold conveyancing in Chipping Sodbury what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Chipping Sodbury. Most leases are individual and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
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. Barclays , Virgin Money, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.
I invested in buying a 1st floor flat in Chipping Sodbury, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Similar flats in Chipping Sodbury with a long lease are worth £269,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2082
With only 62 years left to run the likely cost is going to span between £23,800 and £27,400 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.