Frequently asked questions relating to Egremont leasehold conveyancing
I am intending to rent out my leasehold flat in Egremont. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Your lease dictates relations between the landlord and you the flat owner; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Egremont do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I have just started marketing my basement apartment in Egremont.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge demand – Do I pay up?
The sensible thing to do is discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I work for a busy estate agent office in Egremont where we have witnessed a number of leasehold sales put at risk as a result of short leases. I have been given inconsistent advice from local Egremont conveyancing firms. Could you clarify whether the seller of a flat can initiate 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. 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.
What advice can you give us when it comes to finding a Egremont conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Egremont conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Egremont conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- If they are not ALEP accredited then why not?
- Can they put you in touch with client in Egremont who can give a testimonial?
We expect to complete the sale of our £ 175000 flat in Egremont next Friday . The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Egremont?
Egremont conveyancing on leasehold flats normally involves the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries the majority will be willing to do so. They may levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge demanded by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, otherwise the invoice is technically not due. In reality you have no option but to pay whatever is requested of you should you wish to complete the sale of your home.
I am the registered owner of a leasehold flat in Egremont, conveyancing was carried out 2003. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Egremont with a long lease are worth £232,000. The ground rent is £50 yearly. The lease comes to an end on 21st October 2080
With 54 years remaining on your lease the likely cost is going to span between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.