Common questions relating to Easton leasehold conveyancing
I am in need of some leasehold conveyancing in Easton. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Easton - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
My husband and I may need to sub-let our Easton basement flat for a while due to taking a sabbatical. We used a Easton conveyancing firm in 2002 but they have since shut and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your previous Easton conveyancing solicitor is not around you can check your lease to see if you are permitted to let out the premises. The rule is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you are obliged to seek permission via your landlord or other appropriate person prior to subletting. This means you not allowed to sublet without prior permission. Such consent must not not be unreasonably refused ore delayed. If your lease does not allow you to sublet you should ask your landlord for their consent.
I've recently bought a leasehold house in Easton. Do I have any liability for service charges relating to a period prior to my ownership?
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 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).
Do you have any advice for leasehold conveyancing in Easton from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Easton can be bypassed where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers.
- The majority freeholders or managing agents in Easton levy fees for providing 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 on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Easton.
All being well we will complete our sale of a £175000 maisonette in Easton in nine days. The freeholder has quoted £372 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Easton?
Easton conveyancing on leasehold apartments usually involves the buyer’s lawyer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address such questions the majority will be willing to do so. They are entitled charge a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some situations it exceeds £800. The administration charge required 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 one has no option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I bought a basement flat in Easton, conveyancing was carried out 2008. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Easton with an extended lease are worth £198,000. The ground rent is £45 levied per year. The lease ceases on 21st October 2080
With 58 years remaining on your lease we estimate the premium for your lease extension to be between £25,700 and £29,600 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.