Top Five Questions relating to Fenstanton leasehold conveyancing
Harry (my fiance) and I may need to rent out our Fenstanton 1st floor flat for a while due to taking a sabbatical. We used a Fenstanton conveyancing practice in 2004 but they have since shut and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?
A small minority of properties in Fenstanton do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates 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 consent.
I've found a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Fenstanton. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
Most houses in Fenstanton are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Fenstanton in which case you should be looking for a Fenstanton conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will advise you fully on all the issues.
I am attracted to a two maisonettes in Fenstanton both have about fifty years remaining on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in Fenstanton is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and lenders, leases with under eighty 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 Fenstanton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.
Can you provide any advice for leasehold conveyancing in Fenstanton with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Fenstanton can be bypassed where you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the buyers representatives.
- The majority freeholders or Management Companies in Fenstanton charge for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Fenstanton.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £325000 flat in Fenstanton on Tuesday in a week. The management company has quoted £384 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Fenstanton?
For most leasehold sales in Fenstanton conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence questions
- Where consent is required before sale in Fenstanton
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I bought a split level flat in Fenstanton, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Fenstanton with a long lease are worth £243,000. The ground rent is £60 invoiced every year. The lease ceases on 21st October 2094
With only 73 years left to run we estimate the premium for your lease extension to range between £11,400 and £13,200 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.