Recently asked questions relating to Kings Norton leasehold conveyancing
I wish to rent out my leasehold flat in Kings Norton. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Notwithstanding that your last Kings Norton conveyancing solicitor is not available you can review your lease to see if you are permitted to let out the apartment. The accepted inference is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you must obtain consent from your landlord or some other party prior to subletting. This means that you cannot sublet in the absence of prior consent. The consent should not be unreasonably withheld. If your lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.
Looking forward to complete next month on a basement flat in Kings Norton. Conveyancing lawyers inform 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 Norton should include some of the following:
- The physical extent of the demise. This will be the property itself but might incorporate a loft or cellar if applicable.
My wife and I purchased a leasehold flat in Kings Norton. Conveyancing and The Royal Bank of Scotland mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Kings Norton who acted for me is not around.What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Kings Norton conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of flats in Kings Norton both have about 50 years remaining on the leases. should I be concerned?
There are no two ways about it. A leasehold apartment in Kings Norton is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most purchasers and mortgage companies, 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 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 Kings Norton 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.
What are your top tips when it comes to finding a Kings Norton conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Kings Norton conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Kings Norton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How many lease extensions has the firm carried out in Kings Norton in the last 12 months?
Kings Norton Leasehold Conveyancing - Examples of Questions you should consider before buying
What prohibitions exist in the Kings Norton Lease?
Is the freehold reversion owned collectively by the tenants?
On the whole the cost for major works tend not to be included within maintenance charges, albeit that there some managing agents in Kings Norton ask leaseholders to contribute towards a sinking fund and this is used to offset against major works.