Sample questions relating to Heath Hayes leasehold conveyancing
Frank (my husband) and I may need to sub-let our Heath Hayes ground floor flat temporarily due to taking a sabbatical. We used a Heath Hayes conveyancing firm in 2003 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?
Your lease dictates relations between the freeholder and you the flat owner; in particular, it will set out if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Heath Hayes do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I am looking at a two apartments in Heath Hayes which have about 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Heath Hayes. The lease is a right to use the premises for a period of time. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena
Last month I purchased a leasehold flat in Heath Hayes. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner 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. A critical element 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).
What are your top tips when it comes to appointing a Heath Hayes conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Heath Hayes conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Heath Hayes conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- How familiar is the practice with lease extension legislation?
We expect to complete the sale of our £225000 garden flat in Heath Hayes on Thursday in a week. The landlords agents has quoted £300 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Heath Hayes?
Heath Hayes conveyancing on leasehold apartments more often than not requires the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to address such questions most will be content to assist. They are entitled levy a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some cases it exceeds £800. The administration charge invoiced by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, without which the invoice is technically not due. Reality however dictates that one has little choice but to pay whatever is requested of you if you want to sell the property.
I inherited a garden flat in Heath Hayes, conveyancing was carried out in 2012. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Heath Hayes with an extended lease are worth £170,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease runs out on 21st October 2098
You have 73 years unexpired the likely cost is going to span between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing 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 are no doubt 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 getting professional advice.
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