Frequently asked questions relating to Ely leasehold conveyancing
I am on look out for some leasehold conveyancing in Ely. Before I get started I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Ely - then the leasehold title will always include the short particulars 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 partner and I may need to rent out our Ely basement flat temporarily due to a career opportunity. We used a Ely conveyancing firm in 2004 but they have closed and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
Some leases for properties in Ely do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I have just started marketing my basement flat in Ely.Conveyancing has not commenced but I have just had a yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am looking at a two maisonettes in Ely both have approximately fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Ely is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of purchasers and lenders, leases with less than 75 years become less and less attractive. 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 premises 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 Ely 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
What advice can you give us when it comes to appointing a Ely conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Ely conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Ely conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- What volume of lease extensions have they completed in Ely in the last twenty four months?
Ely Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing
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How long is the Lease?
How much is the yearly service fee and ground rent?
Who is in charge of the building?
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