Frequently asked questions relating to Hotwells leasehold conveyancing
My wife and I may need to rent out our Hotwells 1st floor flat temporarily due to taking a sabbatical. We instructed a Hotwells conveyancing practice in 2001 but they have since shut and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Hotwells do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review 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’m about to sell my basement flat in Hotwells.Conveyancing is yet to be initiated but I have just had a yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the service charge 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 management companies 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 today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Hotwells. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
The majority of houses in Hotwells are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Hotwells so you should seriously consider looking for a Hotwells conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your solicitor should appraise you on the various issues.
Back In 2008, I bought a leasehold flat in Hotwells. Conveyancing and Barclays Direct mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Hotwells who previously acted has long since retired.What should I do?
First make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a Hotwells conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Can you offer any advice when it comes to finding a Hotwells conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Hotwells conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Hotwells conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the firm with lease extension legislation?
I acquired a 1st floor flat in Hotwells, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Hotwells with an extended lease are worth £239,000. The ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2095
You have 69 years remaining on your lease we estimate the premium for your lease extension to span between £11,400 and £13,200 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 extending a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
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