Top Five Questions relating to Crowthorne leasehold conveyancing
I wish to sublet my leasehold apartment in Crowthorne. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Some leases for properties in Crowthorne do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see 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 today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Crowthorne. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Crowthorne ?
Most houses in Crowthorne are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Crowthorne so you should seriously consider looking for a Crowthorne conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will advise you fully on all the issues.
I am tempted by the attractive purchase price for a couple of maisonettes in Crowthorne both have in the region of 50 years remaining on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the marketability of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area
I am a negotiator for a reputable estate agent office in Crowthorne where we have witnessed a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Crowthorne conveyancing firms. Can you confirm whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start 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 to extend their lease. 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 sale.
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.
If all goes to plan we aim to complete the disposal of our £225000 apartment in Crowthorne next Tuesday . The management company has quoted £420 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Crowthorne?
Crowthorne conveyancing on leasehold flats typically results in administration charges invoiced by freeholders :
- Completing pre-contract questions
- Where consent is required before sale in Crowthorne
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I inherited a leasehold flat in Crowthorne, conveyancing was carried out 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Crowthorne with an extended lease are worth £175,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2100
With 79 years left to run we estimate the price of your lease extension to span between £12,400 and £14,200 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use this information 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. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.