Frequently asked questions relating to Farnham Royal leasehold conveyancing
I am in need of some leasehold conveyancing in Farnham Royal. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Farnham Royal - 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.
I wish to let out my leasehold flat in Farnham Royal. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Some leases for properties in Farnham Royal 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 today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Farnham Royal. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Farnham Royal are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Farnham Royal so you should seriously consider looking for a Farnham Royal conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.
I am attracted to a couple of flats in Farnham Royal both have in the region of fifty years unexpired on the lease term. should I be concerned?
A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field
Can you provide any advice for leasehold conveyancing in Farnham Royal from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Farnham Royal can be avoided where you appoint lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information which will be required by the purchasers’ representatives.
- Many landlords or managing agents in Farnham Royal levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information 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 common cause of frustration in leasehold conveyancing in Farnham Royal.
I invested in buying a ground floor flat in Farnham Royal, conveyancing having been completed in 1999. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Farnham Royal with an extended lease are worth £170,000. The ground rent is £65 invoiced annually. The lease finishes on 21st October 2089
With 69 years unexpired we estimate the premium for your lease extension to span between £11,400 and £13,200 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.