Top Five Questions relating to Kings Heath leasehold conveyancing
Jane (my partner) and I may need to rent out our Kings Heath garden flat temporarily due to taking a sabbatical. We instructed a Kings Heath conveyancing firm in 2003 but they have closed and we did not think at the time get 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 freeholder and you the flat owner; in particular, it will say if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Kings Heath do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
Looking forward to complete next month on a garden flat in Kings Heath. Conveyancing solicitors assured me that they report fully next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Kings Heath 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 am tempted by the attractive purchase price for a two apartments in Kings Heath which have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Kings Heath. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the value of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field
I am employed by a busy estate agency in Kings Heath where we see a few flat sales jeopardised as a result of short leases. I have received contradictory information from local Kings Heath conveyancing solicitors. Could you confirm whether the owner of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
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 purchaser.
Completion in due on the disposal of our £125000 maisonette in Kings Heath on Monday in a week. The managing agents has quoted £408 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Kings Heath?
Kings Heath conveyancing on leasehold maisonettes usually involves the purchaser’s conveyancer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be content to do so. They may levy a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, otherwise the invoice is technically not due. In reality you have little option but to pay whatever is demanded if you want to sell the property.
Leasehold Conveyancing in Kings Heath - Examples of Questions you should ask before buying
Who are the managing agents?
Are any of leasehold owners in dispute over their service charge liability?
It is important to be aware if fixing the lift or some other major work is anticipated to be shared amongst the tenants and will materially increase the the maintenance charges or require a specific payment.