Common questions relating to Great Barford leasehold conveyancing
I would like to let out my leasehold flat in Great Barford. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Even though your last Great Barford conveyancing solicitor is not available you can review your lease to check if you are permitted to let out the premises. The accepted inference is that if the lease is non-specific, subletting is allowed. There may be a precondition that you are obliged to seek permission via your landlord or some other party in advance of subletting. The net result is you not allowed to sublet in the absence of first obtaining permission. Such consent must not not be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
Looking forward to complete next month on a studio apartment in Great Barford. Conveyancing lawyers have said that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Great Barford should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
Estate agents have just been given the go-ahead to market my garden flat in Great Barford.Conveyancing has not commenced but I have just received a quarterly service charge demand – should I leave it to the buyer to sort out?
It best that you clear the service charge 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 management companies 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 tempted by the attractive purchase price for a two maisonettes in Great Barford both have about fifty years remaining on the leases. Will this present a problem?
There are plenty of short leases in Great Barford. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the saleability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field
Last month I purchased a leasehold flat in Great Barford. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a 1 bedroom flat in Great Barford, conveyancing was carried out 9 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Great Barford with over 90 years remaining are worth £181,000. The ground rent is £55 yearly. The lease expires on 21st October 2071
With just 50 years remaining on your lease we estimate the price of your lease extension to range between £37,100 and £42,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure 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 considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.