Recently asked questions relating to Downend leasehold conveyancing
I am intending to rent out my leasehold flat in Downend. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Your lease governs relations between the landlord and you the leaseholder; specifically, it will set out if subletting is banned, 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 Downend do not contain subletting altogether – such a provision would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Downend. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Downend ?
Most houses in Downend are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Downend so you should seriously consider looking for a Downend conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As 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 landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should advise you fully on all the issues.
I've recently bought a leasehold property in Downend. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Do you have any top tips for leasehold conveyancing in Downend from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Downend can be bypassed where you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the buyers representatives.
- Many landlords or managing agents in Downend charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Downend.
If all goes to plan we aim to complete the sale of our £450000 maisonette in Downend in nine days. The managing agents has quoted £300 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Downend?
For the majority of leasehold sales in Downend conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-exchange questions
- Where consent is required before sale in Downend
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I acquired a split level flat in Downend, conveyancing was carried out in 2005. How much will my lease extension cost? Similar flats in Downend with a long lease are worth £259,000. The ground rent is £65 per annum. The lease finishes on 21st October 2104
With only 79 years remaining on your lease the likely cost is going to range between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
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