Recently asked questions relating to Clacton On Sea leasehold conveyancing
Helen (my wife) and I may need to rent out our Clacton On Sea ground floor flat for a while due to a career opportunity. We instructed a Clacton On Sea conveyancing firm in 2004 but they have closed and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?
A lease dictates relations between the landlord and you the flat owner; in particular, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Clacton On Sea do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
I only have Sixty One years left on my lease in Clacton On Sea. I am keen to extend my lease but my freeholder is missing. What options are available to me?
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 an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to demonstrate that you have used your best endeavours to track down the freeholder. On the whole a specialist should be useful to carry out a search and prepare a report which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Clacton On Sea.
I have just started marketing my basement flat in Clacton On Sea.Conveyancing solicitors are to be appointed soon but I have just received a quarterly service charge invoice – what should I do?
The sensible thing to do is discharge 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 managing agents 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 am tempted by the attractive purchase price for a two maisonettes in Clacton On Sea both have in the region of forty five years unexpired on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Clacton On Sea is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of purchasers and banks, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Clacton On Sea conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
All being well we will complete our sale of a £500000 flat in Clacton On Sea in just under a week. The management company has quoted £336 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Clacton On Sea?
Clacton On Sea conveyancing on leasehold apartments nine out of ten times necessitates administration charges raised by landlords agents :
- Completing pre-exchange enquiries
- Where consent is required before sale in Clacton On Sea
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Clacton On Sea Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying
How much is the annual maintenance fee and ground rent?
On the whole the cost for major works tend not to be included within maintenance charges, although a few managing agents in Clacton On Sea ask leaseholders to pay into a reserve fund created for the specific intention of establishing a fund for major repairs or maintenance.
What is the length of the lease?