Leasehold Conveyancing in Grasmere - Get a Quote from the leasehold experts approved by your lender

When it comes to leasehold conveyancing in Grasmere, you will need to instruct a conveyancing lawyer with leasehold experience. Whether your lender is to be Lloyds, Yorkshire Building Society or Bradford & Bingley be sure to choose a lawyer on their approved list. Feel free to use our search tool

Questions and Answers: Grasmere leasehold conveyancing

My fiance and I may need to sub-let our Grasmere basement flat for a while due to taking a sabbatical. We used a Grasmere conveyancing practice in 2004 but they have closed and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?

Some leases for properties in Grasmere do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

I own a leasehold house in Grasmere. Conveyancing and Aldermore mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Grasmere who acted for me is not around.Any advice?

The first thing you should do is contact HMLR to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Grasmere conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two apartments in Grasmere which have approximately fifty years unexpired on the leases. should I be concerned?

There are plenty of short leases in Grasmere. The lease is a right to use the property for a prescribed time frame. As the lease shortens the value of the lease deteriorate and it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this area

I am employed by a busy estate agent office in Grasmere where we see a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Grasmere conveyancing firms. Could you shed some light as to whether the seller of a flat can commence the lease extension formalities 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. This means that the proposed purchaser 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 has to be done before, or simultaneously with completion of the sale.

An alternative approach is to agree the lease extension with the freeholder 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.

Are there common defects that you come across in leases for Grasmere properties?

There is nothing unique about leasehold conveyancing in Grasmere. All leases is drafted differently and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

  • A provision to repair to or maintain elements of the building
  • Insurance obligations
  • A provision for the recovery of money spent for the benefit of another party.
  • 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. Nationwide Building Society, Virgin Money, and Bank of Ireland 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, obliging the buyer to withdraw.

I purchased a studio flat in Grasmere, conveyancing formalities finalised 2006. 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? Comparable flats in Grasmere with an extended lease are worth £187,000. The ground rent is £60 invoiced every year. The lease ends on 21st October 2094

You have 72 years left to run we estimate the premium for your lease extension to be between £10,500 and £12,000 plus costs.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.

Other Topics

Lease Extensions in Grasmere