Hurst leasehold conveyancing Example Support Desk Enquiries
I wish to sublet my leasehold flat in Hurst. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Some leases for properties in Hurst do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse 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 work for a busy estate agent office in Hurst where we have witnessed a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Hurst conveyancing firms. Could you clarify whether the seller of a flat can commence 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. 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.
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 buyer.
Can you provide any top tips for leasehold conveyancing in Hurst from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Hurst can be reduced where you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers representatives.
- Many freeholders or Management Companies in Hurst levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Hurst.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Hurst state that internal structural changes or installing wooden flooring necessitate a licence from the Landlord consenting to such works. Where you dont have the paperwork in place you should not communicate with the landlord without contacting your conveyancer before hand.
- If you have had conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as over rather than ongoing.
- You may think that you are aware of the number of years remaining on your lease but you should double-check via your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is under 80 years. It is therefore essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.
If all goes to plan we aim to complete our sale of a £ 325000 apartment in Hurst next Tuesday . The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Hurst?
For most leasehold sales in Hurst conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-contract enquiries
- Where consent is required before sale in Hurst
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What are the frequently found defects that you witness in leases for Hurst properties?
Leasehold conveyancing in Hurst is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, The Royal Bank of Scotland, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.
I invested in buying a split level flat in Hurst, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Hurst with a long lease are worth £252,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2098
With only 72 years unexpired the likely cost is going to range between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.