Crosby leasehold conveyancing: Q and A’s
My fiance and I may need to let out our Crosby 1st floor flat for a while due to taking a sabbatical. We used a Crosby conveyancing practice in 2004 but they have since shut and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?
A small minority of properties in Crosby do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience dictates 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 permission.
I am hoping to sign contracts shortly on a garden flat in Crosby. Conveyancing solicitors have said that they report fully next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Crosby should include some of the following:
- The total extent of the demise. This will be the flat itself but could also incorporate a loft or basement if appropriate.
Back In 2000, I bought a leasehold flat in Crosby. Conveyancing and Platform Home Loans Ltd mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Crosby who acted for me is not around.What should I do?
The first thing you should do is contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Crosby conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I work for a long established estate agency in Crosby where we have witnessed a number of flat sales put at risk as a result of short leases. I have been given contradictory information from local Crosby conveyancing firms. Can you clarify whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner 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. This means 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 at the same time as completion of the disposal of the property.
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.
Do you have any advice for leasehold conveyancing in Crosby with the aim of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Crosby can be reduced if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
- Many landlords or managing agents in Crosby levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Crosby.
I inherited a ground floor flat in Crosby, conveyancing having been completed 2012. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Crosby with an extended lease are worth £205,000. The average or mid-range amount of ground rent is £50 per annum. The lease expires on 21st October 2080
With 59 years remaining on your lease we estimate the premium for your lease extension to range between £20,000 and £23,000 as well as 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 without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.