Examples of recent questions relating to leasehold conveyancing in Heathfield
I want to rent out my leasehold flat in Heathfield. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
A lease governs the relationship between the landlord and you the leaseholder; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Heathfield do not prevent an absolute prevention of subletting – such a clause would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
Due to sign contracts shortly on a ground floor flat in Heathfield. Conveyancing solicitors inform me that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Heathfield should include some of the following:
- The physical extent of the demise. This will be the flat itself but might include a roof space or basement if appropriate.
I've recently bought a leasehold flat in Heathfield. Am I liable to pay service charges relating to a period prior to completion of my purchase?
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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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 am employed by a reputable estate agency in Heathfield where we see a number of leasehold sales put at risk due to short leases. I have received contradictory information from local Heathfield conveyancing solicitors. Can you confirm whether the vendor of a flat can instigate 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 kick-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 needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is 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 advice for leasehold conveyancing in Heathfield with the intention of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Heathfield can be avoided where you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ representatives.
- Many freeholders or Management Companies in Heathfield charge for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Heathfield.
I inherited a studio flat in Heathfield, conveyancing having been completed in 2002. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Heathfield with an extended lease are worth £269,000. The ground rent is £45 invoiced every year. The lease expires on 21st October 2074
With just 50 years left to run we estimate the premium for your lease extension to span between £36,100 and £41,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.
Other Topics