Recently asked questions relating to Ferndown leasehold conveyancing
I am on look out for some leasehold conveyancing in Ferndown. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Ferndown - 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.
I want to let out my leasehold apartment in Ferndown. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
The lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Ferndown do not prevent an absolute prevention of subletting – such a clause would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I am tempted by the attractive purchase price for a two apartments in Ferndown which have approximately fifty years remaining on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the marketability of the lease decreases and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this arena
Can you offer any advice when it comes to appointing a Ferndown conveyancing practice to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Ferndown conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Ferndown conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- How many lease extensions has the firm conducted in Ferndown in the last twenty four months?
All being well we will complete the sale of our £300000 apartment in Ferndown on Friday in a week. The managing agents has quoted £384 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Ferndown?
For most leasehold sales in Ferndown conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-contract questions
- Where consent is required before sale in Ferndown
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I bought a ground floor flat in Ferndown, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Ferndown with a long lease are worth £234,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ceases on 21st October 2104
With just 80 years left to run we estimate the price of your lease extension to span between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.