Top Five Questions relating to Frant leasehold conveyancing
I would like to rent out my leasehold apartment in Frant. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Your lease governs the relationship between the freeholder and you the flat owner; specifically, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Frant do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I have recently realised that I have Sixty One years remaining on my flat in Frant. I need to get lease extension but my freeholder is can not be found. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to locate the landlord. For most situations a specialist should be helpful to conduct investigations and to produce a report to be used as proof that the landlord can not be located. It is advisable to get professional help from a solicitor both on devolving into the landlord’s disappearance and the application to the County Court covering Frant.
Planning to sign contracts shortly on a basement flat in Frant. Conveyancing solicitors assured me that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Frant should include some of the following:
- You should be sent a copy of the lease
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have just found out that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Frant. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Frant ?
The majority of houses in Frant are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Frant in which case you should be shopping around for a Frant conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will advise you fully on all the issues.
I am a negotiator for a reputable estate agency in Frant where we have experienced a few flat sales derailed due to short leases. I have been given contradictory information from local Frant conveyancing solicitors. Can you clarify whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, 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.
I am the registered owner of a garden flat in Frant, conveyancing was carried out 2002. How much will my lease extension cost? Similar flats in Frant with a long lease are worth £256,000. The ground rent is £50 levied per year. The lease runs out on 21st October 2074
With 53 years unexpired we estimate the premium for your lease extension to span between £30,400 and £35,200 plus 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. Do not use this information 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. Neither should you move forward based on this information without first seeking the advice of a professional.