Kemp Town leasehold conveyancing Example Support Desk Enquiries
I want to sublet my leasehold flat in Kemp Town. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
A small minority of properties in Kemp Town do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold 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 permission.
I own a leasehold house in Kemp Town. Conveyancing and Skipton Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Kemp Town who previously acted has now retired.What should I do?
First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to instruct a Kemp Town conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of apartments in Kemp Town which have about 50 years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold flat in Kemp Town is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Kemp Town conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
Can you provide any top tips for leasehold conveyancing in Kemp Town from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Kemp Town can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers representatives.
- Many freeholders or managing agents in Kemp Town 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 obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Kemp Town.
When it comes to leasehold conveyancing in Kemp Town what are the most frequent lease defects?
Leasehold conveyancing in Kemp Town is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- 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 may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Norwich and Peterborough Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.
Kemp Town Leasehold Conveyancing - Sample of Queries Prior to buying
What is the yearly maintenance fee and ground rent?
If a Kemp Town lease has no more than eighty years it will have adverse implications on the salability of the flat. It is worth checking with your lender that they are willing to to proceed given the lease term. A short lease means that you will most likely require a lease extension sooner rather than later and you need to have some idea of what this would cost. For most Kemp Townlease extensions you would need to own the residence for two years before you are eligible to extend the lease.
Is anyone aware of any major works in the near future that will increase the service fees?