Common questions relating to Formby leasehold conveyancing
I am in need of some leasehold conveyancing in Formby. Before diving in I would like to find out the unexpired term of the lease.
If the lease is registered - and almost all are in Formby - then the leasehold title will always include the basic details 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 wish to rent out my leasehold apartment in Formby. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Some leases for properties in Formby do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to 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.
I am looking at a two maisonettes in Formby both have approximately 50 years unexpired on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena
Last month I purchased a leasehold flat in Formby. Am I liable to pay 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. A critical element 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).
Do you have any top tips for leasehold conveyancing in Formby with the purpose of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Formby can be bypassed where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers solicitors.
- A minority of Formby leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
I acquired a split level flat in Formby, conveyancing having been completed in 1998. Can you work out an approximate cost of a lease extension? Corresponding flats in Formby with an extended lease are worth £210,000. The ground rent is £50 levied per year. The lease comes to an end on 21st October 2075
With 54 years remaining on your lease we estimate the premium for your lease extension to range between £28,500 and £33,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.