Formby leasehold conveyancing: Q and A’s
Harry (my fiance) and I may need to sub-let our Formby basement flat for a while due to taking a sabbatical. We used a Formby conveyancing practice in 2002 but they have closed and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?
A lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Formby do not prevent subletting altogether – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I have recently realised that I have 72 years unexpired on my flat in Formby. I now want to get lease extension but my landlord is absent. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to track down the landlord. On the whole an enquiry agent should be helpful to try and locate and to produce a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Formby.
Planning to exchange soon on a studio apartment in Formby. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Formby should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
I've recently bought a leasehold flat in Formby. Do I have any liability for service charges relating to a period prior to 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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).
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £375000 flat in Formby in 10 days. The freeholder has quoted £312 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Formby?
For most leasehold sales in Formby conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-exchange enquiries
- Where consent is required before sale in Formby
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Formby Leasehold Conveyancing - Examples of Queries Prior to buying
It would be prudent to find out if there is anything that is prohibited in the lease. By way of example it is reasonably common in Formby leases that pets are not allowed in certain buildings in Formby. If you love the flatin Formby however your dog is not allowed to make the move with you then you will be faced hard choice.
How much is the ground rent and service charge?
In the main the cost for major works tend not to be built into the maintenance charges, although there some managing agents in Formby require leasehold owners to pay into a reserve fund and this is used to offset against major works.