Recently asked questions relating to Cotswolds leasehold conveyancing
I would like to sublet my leasehold flat in Cotswolds. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
A lease dictates the relationship between the freeholder and you the leaseholder; in particular, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Cotswolds do not prevent subletting altogether – such a provision would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
Expecting to exchange soon on a garden flat in Cotswolds. Conveyancing solicitors inform me that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Cotswolds should include some of the following:
- Are pets allowed in the flat?
Can you offer any advice when it comes to appointing a Cotswolds conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Cotswolds conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Cotswolds conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- If they are not ALEP accredited then why not?
Do you have any top tips for leasehold conveyancing in Cotswolds with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Cotswolds can be reduced if you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
- The majority freeholders or managing agents in Cotswolds charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Cotswolds.
Are there common defects that you come across in leases for Cotswolds properties?
Leasehold conveyancing in Cotswolds is not unique. Most leases are individual and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements 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 primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, The Royal Bank of Scotland, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.
I inherited a garden flat in Cotswolds, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Cotswolds with over 90 years remaining are worth £270,000. The ground rent is £45 levied per year. The lease ceases on 21st October 2071
You have 50 years unexpired the likely cost is going to span between £35,200 and £40,600 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 detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.