Examples of recent questions relating to leasehold conveyancing in Fishponds
I want to rent out my leasehold flat in Fishponds. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
A small minority of properties in Fishponds do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold 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.
Estate agents have just been given the go-ahead to market my garden flat in Fishponds.Conveyancing has not commenced but I have just received a half-yearly maintenance charge invoice – Do I pay up?
The sensible thing to do is pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am looking at a two flats in Fishponds both have in the region of forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Fishponds. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease reduces and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field
I've recently bought a leasehold property in Fishponds. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What advice can you give us when it comes to finding a Fishponds conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Fishponds conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Fishponds conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- Can they put you in touch with client in Fishponds who can give a testimonial?
I acquired a garden flat in Fishponds, conveyancing was carried out in 2002. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Fishponds with over 90 years remaining are worth £238,000. The average or mid-range amount of ground rent is £60 per annum. The lease comes to an end on 21st October 2087
With just 66 years left to run we estimate the price of your lease extension to span between £14,300 and £16,400 as well as professional fees.
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 without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.