Sample questions relating to Ellesmere Port leasehold conveyancing
Harry (my fiance) and I may need to let out our Ellesmere Port garden flat for a while due to taking a sabbatical. We used a Ellesmere Port conveyancing firm in 2001 but they have since shut and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
Notwithstanding that your previous Ellesmere Port conveyancing lawyer is no longer around you can check your lease to check if it allows you to sublet the property. The rule is that if the lease is silent, subletting is allowed. There may be a precondition that you need to obtain permission via your landlord or some other party before subletting. This means you not allowed to sublet without first obtaining permission. The consent should not be unreasonably withheld. If the lease prohibits you from subletting the property you should ask your landlord for their consent.
I only have Sixty One years remaining on my flat in Ellesmere Port. I need to get lease extension but my landlord is can not be found. What are my options?
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 an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you have done all that could be expected to find the freeholder. In some cases a specialist would be helpful to conduct investigations and prepare an expert document to be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s absence and the application to the County Court overseeing Ellesmere Port.
I have just appointed agents to market my garden flat in Ellesmere Port.Conveyancing has not commenced but I have just had a quarterly maintenance charge demand – Do I pay up?
The sensible thing to do is pay 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am looking at a two flats in Ellesmere Port both have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Ellesmere Port is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Ellesmere Port conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Are there frequently found deficiencies that you encounter in leases for Ellesmere Port properties?
There is nothing unique about leasehold conveyancing in Ellesmere Port. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:
- A provision to repair 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.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Norwich and Peterborough Building Society, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.
I inherited a studio flat in Ellesmere Port, conveyancing formalities finalised 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Ellesmere Port with a long lease are worth £166,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2081
With just 60 years remaining on your lease the likely cost is going to range between £20,000 and £23,000 plus 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 provide a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.