Examples of recent questions relating to leasehold conveyancing in Duffield
I want to rent out my leasehold apartment in Duffield. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Even though your previous Duffield conveyancing solicitor is not available you can review your lease to see if you are permitted to let out the premises. The accepted inference is that if the deeds are non-specific, subletting is allowed. Quite often there is a prerequisite that you need to seek permission via your landlord or some other party prior to subletting. The net result is that you cannot sublet without prior consent. The consent must not not be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord for their consent.
There are only Fifty years remaining on my lease in Duffield. I am keen to extend my lease but my landlord is absent. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to track down the freeholder. For most situations an enquiry agent should be useful to try and locate and to produce an expert document which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Duffield.
I work for a reputable estate agent office in Duffield where we see a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Duffield conveyancing firms. Please can you clarify whether the owner of a flat can commence 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means 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 needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
All being well we will complete the sale of our £425000 flat in Duffield next Thursday . The landlords agents has quoted £420 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Duffield?
Duffield conveyancing on leasehold flats more often than not involves the purchaser’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions the majority will be willing to assist. They are at liberty invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it exceeds £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, without which the invoice is technically not due. In reality one has little option but to pay whatever is requested of you if you want to complete the sale of your home.
When it comes to leasehold conveyancing in Duffield what are the most common lease defects?
Leasehold conveyancing in Duffield is not unique. All leases are unique and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Royal Bank of Scotland, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.
I bought a ground floor flat in Duffield, conveyancing having been completed 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Duffield with over 90 years remaining are worth £203,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease runs out on 21st October 2078
You have 53 years left to run the likely cost is going to be between £31,400 and £36,200 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
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