Sample questions relating to Exminster leasehold conveyancing
My wife and I may need to let out our Exminster basement flat for a while due to taking a sabbatical. We instructed a Exminster conveyancing firm in 2003 but they have closed and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
A lease dictates relations between the landlord and you the flat owner; specifically, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Exminster do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
Planning to exchange soon on a leasehold property in Exminster. Conveyancing lawyers assured me that they are sending me a report tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Exminster should include some of the following:
- Do you need to have carpet in the flat or are you allowed wood flooring?
I've recently bought a leasehold flat in Exminster. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner 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).
I am a negotiator for a long established estate agency in Exminster where we have experienced a few leasehold sales put at risk as a result of short leases. I have been given inconsistent advice from local Exminster conveyancing solicitors. Can you clarify whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner 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. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
Can you provide any top tips for leasehold conveyancing in Exminster from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Exminster can be bypassed if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers conveyancers.
- Many freeholders or Management Companies in Exminster levy fees for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Exminster.
I own a split level flat in Exminster, conveyancing having been completed in 2010. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Exminster with a long lease are worth £262,000. The ground rent is £65 per annum. The lease runs out on 21st October 2077
With 56 years left to run we estimate the premium for your lease extension to range between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.