Examples of recent questions relating to leasehold conveyancing in Great Linford
I wish to rent out my leasehold apartment in Great Linford. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Your lease dictates relations between the freeholder and you the flat owner; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Great Linford do not contain strict prohibition on subletting – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I’m about to sell my basement flat in Great Linford.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is 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 tempted by the attractive purchase price for a two maisonettes in Great Linford both have in the region of 50 years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Great Linford. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the value of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena
I work for a reputable estate agency in Great Linford where we see a few flat sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Great Linford conveyancing solicitors. Could you confirm whether the owner of a flat can commence the lease extension formalities for the buyer?
As long as 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 wait 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 disposal of the property.
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.
When it comes to leasehold conveyancing in Great Linford what are the most frequent lease problems?
Leasehold conveyancing in Great Linford is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Mortgage Works, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
I purchased a 2 bed flat in Great Linford, conveyancing formalities finalised in 1998. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Great Linford with over 90 years remaining are worth £268,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2098
With just 78 years left to run we estimate the premium for your lease extension to span between £10,500 and £12,000 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.