Recently asked questions relating to Haslington leasehold conveyancing
Harry (my fiance) and I may need to let out our Haslington basement flat for a while due to a new job. We used a Haslington conveyancing firm in 2002 but they have since shut and we did not think at the time get any guidance as to whether the lease allows us to sublet. How do we find out?
A lease governs relations between the freeholder and you the flat owner; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Haslington do not contain subletting altogether – such a clause would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I've found a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Haslington. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
Most houses in Haslington are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Haslington in which case you should be looking for a Haslington conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will appraise you on the various issues.
I own a leasehold flat in Haslington. Conveyancing and Birmingham Midshires mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Haslington who acted for me is not around.Do I pay?
First make enquiries of HMLR to make sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Haslington conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am employed by a long established estate agency in Haslington where we see a number of leasehold sales derailed due to short leases. I have been given contradictory information from local Haslington conveyancing firms. Could you clarify whether the owner of a flat can start the lease extension process 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. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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.
Can you provide any top tips for leasehold conveyancing in Haslington from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Haslington can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
- In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Haslington state that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord consenting to such works. Should you fail to have the approvals to hand you should not contact the landlord without checking with your solicitor in advance.
I invested in buying a basement flat in Haslington, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Haslington with a long lease are worth £262,000. The ground rent is £50 yearly. The lease ends on 21st October 2071
With just 50 years unexpired the likely cost is going to be between £34,200 and £39,600 plus 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 are not able to advice on a more accurate figure 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 taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.