Common questions relating to Driffield leasehold conveyancing
I would like to rent out my leasehold apartment in Driffield. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Your lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Driffield do not prevent subletting altogether – such a clause would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I am hoping to complete next month on a basement flat in Driffield. Conveyancing lawyers inform me that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Driffield should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Driffield. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Driffield ?
Most houses in Driffield are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Driffield in which case you should be shopping around for a Driffield conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will report to you on the legal implications.
Last month I purchased a leasehold flat in Driffield. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
All being well we will complete the sale of our £350000 garden flat in Driffield in just under a week. The management company has quoted £420 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Driffield?
Driffield conveyancing on leasehold flats more often than not involves the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be content to do so. They are at liberty levy a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some cases it is in excess of £800. The management information fee levied by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, otherwise the invoice is not strictly payable. In reality you have no option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I bought a ground floor flat in Driffield, conveyancing having been completed 10 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Driffield with an extended lease are worth £196,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease terminates on 21st October 2090
You have 70 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.