I want to let out my leasehold apartment in Ivybridge. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

A lease dictates relations between the freeholder and you the leaseholder; specifically, it will say if subletting is banned, 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. Most leases in Ivybridge do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

Estate agents have just been given the go-ahead to market my basement flat in Ivybridge.Conveyancing has not commenced but I have just received a yearly maintenance charge invoice – what should I do?

It best that you clear 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 managing agents 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.

What advice can you give us when it comes to finding a Ivybridge conveyancing firm to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Ivybridge conveyancing firm) it is imperative 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 Ivybridge conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:

• If the firm is not ALEP accredited then why not?

Can they put you in touch with client in Ivybridge who can give a testimonial?

Can you provide any advice for leasehold conveyancing in Ivybridge from the point of view of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Ivybridge can be bypassed where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers lawyers.
• Many landlords or Management Companies in Ivybridge levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Ivybridge.

In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Ivybridge leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such alterations. If you fail to have the consents to hand you should not contact the landlord without contacting your lawyer before hand.

A minority of Ivybridge leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.

If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share certificate. Organising a duplicate share certificate is often a time consuming formality and frustrates many a Ivybridge home move. Where a reissued share certificate is needed, do contact the company officers or managing agents (if relevant) for this sooner rather than later.

If all goes to plan we aim to complete our sale of a £250000 apartment in Ivybridge next Wednesday . The managing agents has quoted £300 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Ivybridge?

Ivybridge conveyancing on leasehold apartments typically involves fees being invoiced by managing agents :

• Addressing conveyancing due diligence questions
• Where consent is required before sale in Ivybridge
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Ivybridge leasehold premises is £350. For Ivybridge conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply answers.

I invested in buying a leasehold flat in Ivybridge, conveyancing having been completed in 2007. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Ivybridge with an extended lease are worth £270,000. The ground rent is £45 yearly. The lease ceases on 21st October 2097

You have 73 years left to run we estimate the price of your lease extension to span between £11,400 and £13,200 as well as 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 without more comprehensive investigations. You should 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. You should not take any other action based on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Ivybridge