Questions and Answers: Harrold leasehold conveyancing
My husband and I may need to let out our Harrold garden flat for a while due to a new job. We instructed a Harrold conveyancing firm in 2002 but they have closed and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
A lease dictates the relationship between the freeholder and you the flat owner; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Harrold do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
There are only Fifty years left on my lease in Harrold. I now wish to extend my lease but my freeholder is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to find the lessor. In some cases an enquiry agent should be helpful to carry out a search and to produce an expert document to be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Harrold.
I’m about to sell my basement apartment in Harrold.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge demand – what should I do?
The sensible thing to do is discharge 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 until 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am a negotiator for a long established estate agency in Harrold where we have witnessed a few flat sales jeopardised due to short leases. I have received contradictory information from local Harrold conveyancing solicitors. Can you shed some light as to whether the seller of a flat can instigate the lease extension formalities for the buyer?
Provided that 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 at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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.
All being well we will complete the disposal of our £325000 garden flat in Harrold in just under a week. The management company has quoted £324 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Harrold?
Harrold conveyancing on leasehold flats typically results in administration charges levied by landlords agents :
- Answering pre-contract enquiries
- Where consent is required before sale in Harrold
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I invested in buying a 2 bed flat in Harrold, conveyancing having been completed 2006. Can you work out an approximate cost of a lease extension? Equivalent flats in Harrold with an extended lease are worth £240,000. The ground rent is £60 yearly. The lease ceases on 21st October 2090
You have 68 years unexpired the likely cost is going to range between £13,300 and £15,400 plus legals.
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 due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.