Fenton leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Fenton. Before diving in I would like to find out the remaining lease term.
Assuming the lease is registered - and 99.9% are in Fenton - 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 am intending to sublet my leasehold flat in Fenton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Your lease dictates relations between the landlord and you the leaseholder; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Fenton do not contain strict prohibition on subletting – such a provision would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
Expecting to complete next month on a ground floor flat in Fenton. Conveyancing solicitors inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Fenton should include some of the following:
- You should receive a copy of the lease
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £500000 flat in Fenton on Monday in a week. The managing agents has quoted £420 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Fenton?
Fenton conveyancing on leasehold apartments usually involves the purchaser’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to do so. They are at liberty charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, otherwise the charge is technically not due. Reality however dictates that you have no option but to pay whatever is requested of you if you want to complete the sale of your home.
What makes a Fenton lease problematic?
Leasehold conveyancing in Fenton is not unique. Most leases are individual and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Coventry Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.
I inherited a 1 bedroom flat in Fenton, conveyancing was carried out 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Fenton with over 90 years remaining are worth £268,000. The average or mid-range amount of ground rent is £55 yearly. The lease finishes on 21st October 2079
With only 53 years remaining on your lease we estimate the premium for your lease extension to span between £30,400 and £35,200 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.
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