Sample questions relating to Hurworth leasehold conveyancing
Frank (my husband) and I may need to sub-let our Hurworth 1st floor flat for a while due to taking a sabbatical. We used a Hurworth conveyancing practice in 2004 but they have since shut and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Your lease governs the relationship between the landlord and you the flat owner; specifically, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Hurworth do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
Expecting to sign contracts shortly on a studio apartment in Hurworth. Conveyancing solicitors inform me that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Hurworth should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
I've found a house that appears to meet my requirements, at a great figure which is making it more attractive. I have since discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Hurworth. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
Most houses in Hurworth are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Hurworth so you should seriously consider looking for a Hurworth conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your solicitor should appraise you on the various issues.
I am attracted to a two maisonettes in Hurworth which have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Hurworth is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and banks, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Hurworth conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What are your top tips when it comes to finding a Hurworth conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Hurworth conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Hurworth conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- If the firm is not ALEP accredited then why not?
I acquired a 2 bed flat in Hurworth, conveyancing having been completed 2012. How much will my lease extension cost? Comparable properties in Hurworth with an extended lease are worth £180,000. The ground rent is £50 invoiced every year. The lease finishes on 21st October 2098
With just 74 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 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 are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.