Frequently asked questions relating to Fowey leasehold conveyancing
I am intending to rent out my leasehold apartment in Fowey. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Even though your last Fowey conveyancing lawyer is not around you can check your lease to check if it allows you to sublet the property. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you must obtain permission from your landlord or other appropriate person prior to subletting. The net result is that you cannot sublet without prior permission. Such consent is not allowed to be unreasonably withheld. If the lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.
Having checked my lease I have discovered that there are only Fifty years remaining on my lease in Fowey. I now wish to get lease extension but my landlord is absent. What should I do?
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 for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to find the lessor. For most situations a specialist should be helpful to carry out a search and to produce an expert document which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court covering Fowey.
Planning to sign contracts shortly on a garden flat in Fowey. Conveyancing lawyers have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Fowey should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I am attracted to a couple of flats in Fowey both have approximately 50 years left on the leases. Will this present a problem?
There are plenty of short leases in Fowey. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the value of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often 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 solicitor and surveyor with experience in this field
I am a negotiator for a reputable estate agency in Fowey where we see a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Fowey conveyancing firms. Please can you confirm whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
I am the registered owner of a ground floor flat in Fowey, conveyancing formalities finalised 5 years ago. How much will my lease extension cost? Comparable properties in Fowey with an extended lease are worth £243,000. The average or mid-range amount of ground rent is £45 yearly. The lease finishes on 21st October 2073
With just 50 years left to run the likely cost is going to be between £35,200 and £40,600 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
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