Recently asked questions relating to Kingsbridge leasehold conveyancing
My partner and I may need to rent out our Kingsbridge 1st floor flat temporarily due to a career opportunity. We used a Kingsbridge conveyancing firm in 2003 but they have closed and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
Even though your last Kingsbridge conveyancing lawyer is no longer around you can review your lease to check if you are permitted to let out the property. The accepted inference is that if the deeds are silent, subletting is allowed. There may be a precondition that you are obliged to obtain permission via your landlord or some other party prior to subletting. The net result is you not allowed to sublet in the absence of first obtaining permission. Such consent must not not be unreasonably withheld. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Kingsbridge. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Kingsbridge ?
The majority of houses in Kingsbridge are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Kingsbridge so you should seriously consider shopping around for a Kingsbridge conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will appraise you on the various issues.
Can you provide any advice for leasehold conveyancing in Kingsbridge from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Kingsbridge can be bypassed if you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the buyers representatives.
- In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Kingsbridge leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. Where you dont have the consents to hand do not contact the landlord without contacting your solicitor in advance.
All being well we will complete our sale of a £375000 maisonette in Kingsbridge in just under a week. The landlords agents has quoted £396 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Kingsbridge?
Kingsbridge conveyancing on leasehold flats often involves the purchaser’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions the majority will be content to do so. They may levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge required by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, otherwise the invoice is technically not due. Reality however dictates that you have little choice but to pay whatever is demanded should you wish to sell the property.
What makes a Kingsbridge lease unacceptable for security purposes?
Leasehold conveyancing in Kingsbridge is not unique. Most leases are individual and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, The Mortgage Works, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
I bought a 1st floor flat in Kingsbridge, conveyancing was carried out 2012. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Kingsbridge with an extended lease are worth £239,000. The ground rent is £65 charged once a year. The lease ceases on 21st October 2076
With only 53 years unexpired we estimate the price of your lease extension to range between £34,200 and £39,600 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.