Sample questions relating to Flackwell Heath leasehold conveyancing
Jane (my partner) and I may need to let out our Flackwell Heath basement flat for a while due to taking a sabbatical. We instructed a Flackwell Heath conveyancing firm in 2002 but they have closed and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
Even though your previous Flackwell Heath conveyancing solicitor is not available you can review your lease to check if you are permitted to let out the property. The rule is that if the lease is non-specific, subletting is permitted. There may be a precondition that you are obliged to obtain permission via your landlord or other appropriate person prior to subletting. This means you not allowed to sublet in the absence of prior permission. The consent is not allowed to be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I am hoping to sign contracts shortly on a leasehold property in Flackwell Heath. Conveyancing solicitors inform me that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Flackwell Heath should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
I am tempted by the attractive purchase price for a couple of flats in Flackwell Heath both have in the region of forty five years left on the leases. Will this present a problem?
There are plenty of short leases in Flackwell Heath. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. 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 lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena
What advice can you give us when it comes to choosing a Flackwell Heath conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Flackwell Heath conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Flackwell Heath conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- If the firm is not ALEP accredited then what is the reason?
Can you provide any top tips for leasehold conveyancing in Flackwell Heath with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Flackwell Heath can be avoided where you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
- Many freeholders or managing agents in Flackwell Heath levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Flackwell Heath.
I inherited a 1 bedroom flat in Flackwell Heath, 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? Similar properties in Flackwell Heath with an extended lease are worth £201,000. The ground rent is £55 charged once a year. The lease comes to an end on 21st October 2100
With just 77 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.