Questions and Answers: Flint leasehold conveyancing
Harry (my fiance) and I may need to rent out our Flint garden flat for a while due to a career opportunity. We used a Flint conveyancing practice in 2001 but they have closed and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?
The lease governs relations between the freeholder and you the flat owner; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Flint do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
Planning to complete next month on a studio apartment in Flint. Conveyancing lawyers inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Flint should include some of the following:
- You should be sent a copy of the lease
I am looking at a couple of flats in Flint which have about 50 years remaining on the leases. Will this present a problem?
There are plenty of short leases in Flint. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the marketability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena
I've recently bought a leasehold flat in Flint. Do I have any liability for service charges for periods before completion of my purchase?
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 be sure 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).
Can you offer any advice when it comes to appointing a Flint conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Flint conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Flint conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- How familiar is the firm with lease extension legislation?
I purchased a leasehold flat in Flint, conveyancing was carried out 2009. How much will my lease extension cost? Comparable flats in Flint with an extended lease are worth £182,000. The average or mid-range amount of ground rent is £60 levied per year. The lease comes to an end on 21st October 2090
With 68 years unexpired the likely cost is going to range between £9,500 and £11,000 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.