Flackwell Heath leasehold conveyancing: Q and A’s
I am intending to rent out my leasehold apartment in Flackwell Heath. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
A small minority of properties in Flackwell Heath do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see 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.
I only have 68 years remaining on my flat in Flackwell Heath. I now wish to extend my lease but my freeholder is missing. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to prove that you have used your best endeavours to track down the landlord. On the whole a specialist may be useful to try and locate and to produce an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Flackwell Heath.
I am attracted to a two flats in Flackwell Heath which have about fifty years unexpired on the leases. should I be concerned?
There are no two ways about it. A leasehold flat in Flackwell Heath is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of purchasers and banks, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Flackwell Heath conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am a negotiator for a reputable estate agency in Flackwell Heath where we have experienced a few leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Flackwell Heath conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £325000 maisonette in Flackwell Heath in just under a week. The management company has quoted £396 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Flackwell Heath?
Flackwell Heath conveyancing on leasehold apartments nine out of ten times results in fees being levied by landlords agents :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in Flackwell Heath
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Flackwell Heath Leasehold Conveyancing - A selection of Questions you should ask before Purchasing
Is anyone aware of any major works in the planning that could add a premium to the maintenance charges?
Generally speaking the cost for major works are not built into the maintenance charges, albeit that there some managing agents in Flackwell Heath obliged leasehold owners to contribute towards a sinking fund and this is used to offset against larger works.
The prefered form of lease arrangement is a share of the freehold. In this scenario the tenants benefit from control and although a managing agent is frequently retained if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.