Questions and Answers: Frenchay leasehold conveyancing
I would like to sublet my leasehold flat in Frenchay. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Even though your previous Frenchay conveyancing solicitor 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 deeds are silent, subletting is permitted. Quite often there is a prerequisite that you need to obtain permission via your landlord or some other party prior to subletting. The net result is that you cannot sublet without first obtaining permission. Such consent is not allowed to be unreasonably turned down. If the lease does not allow you to sublet you will need to ask your landlord for their consent.
Expecting to complete next month on a leasehold property in Frenchay. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Frenchay should include some of the following:
- You should be sent a copy of the lease
Estate agents have just been given the go-ahead to market my garden apartment in Frenchay.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Frenchay. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
The majority of houses in Frenchay are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Frenchay so you should seriously consider looking for a Frenchay conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority 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 comes with conditions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your solicitor should report to you on the legal implications.
I am looking at a couple of flats in Frenchay which have approximately 50 years left on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Frenchay is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. For most buyers and banks, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Frenchay conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I purchased a garden flat in Frenchay, conveyancing formalities finalised 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Frenchay with a long lease are worth £174,000. The average or mid-range amount of ground rent is £45 yearly. The lease comes to an end on 21st October 2096
With just 73 years remaining on your lease the likely cost is going to range between £12,400 and £14,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.