Questions and Answers: Frampton on Severn leasehold conveyancing
I want to let out my leasehold flat in Frampton on Severn. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Even though your previous Frampton on Severn conveyancing lawyer is not around you can review your lease to check if you are permitted to let out the premises. The accepted inference is that if the deeds are silent, subletting is permitted. Quite often there is a prerequisite that you are obliged to seek consent via your landlord or other appropriate person in advance of subletting. This means that you cannot sublet without first obtaining consent. The consent must not not be unreasonably withheld. If your lease prohibits you from subletting the property you will need to ask your landlord for their consent.
I have recently realised that I have 62 years left on my flat in Frampton on Severn. I need to extend my lease but my freeholder is absent. 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 mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to track down the lessor. In some cases an enquiry agent should be helpful to conduct investigations and prepare a report which can be used as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer both on proving the landlord’s absence and the vesting order request to the County Court covering Frampton on Severn.
I am employed by a reputable estate agency in Frampton on Severn where we have witnessed a few flat sales put at risk due to short leases. I have been given contradictory information from local Frampton on Severn conveyancing firms. Please can you shed some light as to whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease 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. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is 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.
Do you have any advice for leasehold conveyancing in Frampton on Severn with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Frampton on Severn can be avoided if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
- Many freeholders or Management Companies in Frampton on Severn levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Frampton on Severn.
Are there frequently found problems that you come across in leases for Frampton on Severn properties?
Leasehold conveyancing in Frampton on Severn is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Skipton Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I own a basement flat in Frampton on Severn, conveyancing was carried out in 2001. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Frampton on Severn with a long lease are worth £244,000. The ground rent is £45 invoiced every year. The lease runs out on 21st October 2099
You have 78 years left to run the likely cost is going to range between £10,500 and £12,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues 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 seeking the advice of a professional.