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When it comes to leasehold conveyancing in Gosforth, you will need to appoint a conveyancing lawyer with leasehold experience. Whether your lender is to be Clydesdale , Yorkshire Building Society or Bradford & Bingley be sure to find a lawyer on their approved list. Find a Gosforth conveyancing lawyer with our search tool

Questions and Answers: Gosforth leasehold conveyancing

I want to sublet my leasehold flat in Gosforth. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

The lease governs relations between the landlord and you the leaseholder; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Gosforth 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 sending a duplicate of the tenancy agreement.

Due to exchange soon on a studio apartment in Gosforth. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Gosforth should include some of the following:

  • You should be sent a copy of the lease
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Are pets allowed in the flat?
  • Whether your lease has a provision for a reserve fund?
  • Repair and maintenance of the flat
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • What you can do if a neighbour breach a clause of their lease? For a comprehensive list of information to be included in your report on your leasehold property in Gosforth please ask your lawyer in advance of your conveyancing in Gosforth

    • I am looking at a couple of maisonettes in Gosforth which have approximately forty five years left on the leases. Will this present a problem?

    There are no two ways about it. A leasehold apartment in Gosforth is a wasting 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 lenders, leases with less than 75 years become less and less attractive. On a more upbeat 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 a residence 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 Gosforth conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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.

    Can you offer any advice when it comes to choosing a Gosforth conveyancing firm to carry out our lease extension conveyancing?

    When appointing a conveyancer for your lease extension (regardless if they are a Gosforth conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Gosforth conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

    • How familiar is the firm with lease extension legislation?
  • What are the legal fees for lease extension work?

    • Do you have any advice for leasehold conveyancing in Gosforth with the aim of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Gosforth can be avoided where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the buyers representatives.
    • Many landlords or Management Companies in Gosforth charge 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 accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Gosforth.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Gosforth state that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord acquiescing to such works. If you fail to have the consents in place do not communicate with the landlord without contacting your lawyer first.
  • If you have had any disputes with your landlord or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unsettled.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your solicitors. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is under 75 years. It is therefore important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • I acquired a ground floor flat in Gosforth, conveyancing having been completed in 2003. Can you work out an approximate cost of a lease extension? Corresponding flats in Gosforth with over 90 years remaining are worth £251,000. The ground rent is £45 yearly. The lease finishes on 21st October 2099

    With only 73 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 plus professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Gosforth