Common questions relating to Finchampstead leasehold conveyancing
I am in need of some leasehold conveyancing in Finchampstead. 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 99.9% are in Finchampstead - 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 would like to sublet my leasehold flat in Finchampstead. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Even though your previous Finchampstead conveyancing solicitor is no longer available you can review your lease to check if it allows you to sublet the apartment. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you must seek consent from your landlord or other appropriate person in advance of subletting. This means that you cannot sublet without prior permission. Such consent should not be unreasonably turned down. If the lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.
I am hoping to exchange soon on a basement flat in Finchampstead. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Finchampstead should include some of the following:
- You should be sent a copy of the lease
I work for a long established estate agent office in Finchampstead where we have experienced a few flat sales jeopardised as a result of short leases. I have been given conflicting advice from local Finchampstead conveyancing firms. Could you clarify whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, 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.
Do you have any advice for leasehold conveyancing in Finchampstead with the purpose of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Finchampstead can be avoided if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ conveyancers.
- If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example installed wooden flooring? Finchampstead leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord acquiescing to such alterations. If you fail to have the approvals in place you should not communicate with the landlord without contacting your solicitor in advance.
I invested in buying a 1st floor flat in Finchampstead, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Finchampstead with over 90 years remaining are worth £168,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease ceases on 21st October 2080
You have 58 years unexpired we estimate the premium for your lease extension to range between £22,800 and £26,400 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.