Sample questions relating to Hazlemere leasehold conveyancing
I am on look out for some leasehold conveyancing in Hazlemere. Before I get started I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Hazlemere - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
My fiance and I may need to sub-let our Hazlemere garden flat for a while due to a new job. We instructed a Hazlemere conveyancing firm in 2002 but they have since shut and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?
Some leases for properties in Hazlemere do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience suggests 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 consent.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Hazlemere. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Hazlemere ?
The majority of houses in Hazlemere are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Hazlemere so you should seriously consider looking for a Hazlemere conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will report to you on the legal implications.
I've recently bought a leasehold property in Hazlemere. Do I have any liability for service charges relating to a period prior to 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. However, 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 ensure 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 work for a long established estate agency in Hazlemere where we have witnessed a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Hazlemere conveyancing solicitors. Please can you confirm whether the seller of a flat can start the lease extension process for the buyer?
As long as the seller has been the owner 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 buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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.
I am the registered owner of a 2 bed flat in Hazlemere, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Hazlemere with over 90 years remaining are worth £170,000. The ground rent is £60 charged once a year. The lease comes to an end on 21st October 2084
With just 59 years remaining on your lease we estimate the premium for your lease extension to range between £22,800 and £26,400 plus professional fees.
The figure above 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 this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
Other Topics