Questions and Answers: Keswick leasehold conveyancing
I am intending to let out my leasehold flat in Keswick. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Your lease governs the relationship between the freeholder and you the leaseholder; specifically, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Keswick do not contain strict prohibition on subletting – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
Due to complete next month on a ground floor flat in Keswick. Conveyancing solicitors assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Keswick 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 today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Keswick. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Keswick ?
The majority of houses in Keswick are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Keswick so you should seriously consider looking for a Keswick conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.
I am tempted by the attractive purchase price for a couple of apartments in Keswick both have approximately fifty years remaining on the lease term. Will this present a problem?
A lease is a right to use the premises for a period of time. As a lease gets shorter the value of the lease decreases and it becomes more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area
What advice can you give us when it comes to finding a Keswick conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Keswick conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Keswick conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- How many lease extensions have they carried out in Keswick in the last year?
I inherited a 1st floor flat in Keswick, conveyancing was carried out 2005. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Keswick with an extended lease are worth £166,000. The ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2089
You have 66 years unexpired we estimate the price of your lease extension to range between £11,400 and £13,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account 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.