Recently asked questions relating to Kingswood leasehold conveyancing
I am intending to sublet my leasehold apartment in Kingswood. 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 flat owner; in particular, it will set out 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 Kingswood do not contain strict prohibition on subletting – such a provision would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I today plan to offer on a 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 the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Kingswood. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
The majority of houses in Kingswood are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Kingswood in which case you should be looking for a Kingswood conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer should appraise you on the various issues.
What advice can you give us when it comes to choosing a Kingswood conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Kingswood conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Kingswood conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- If the firm is not ALEP accredited then what is the reason?
Can you provide any advice for leasehold conveyancing in Kingswood from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in Kingswood can be avoided if you appoint lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers solicitors.
- The majority landlords or Management Companies in Kingswood levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Kingswood.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £150000 flat in Kingswood next Wednesday . The landlords agents has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Kingswood?
Kingswood conveyancing on leasehold flats more often than not necessitates the buyer’s lawyer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be willing to do so. They may levy a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it exceeds £800. The management information fee invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, otherwise the invoice is not strictly payable. In reality one has little option but to pay whatever is demanded if you want to complete the sale of your home.
I bought a 1 bedroom flat in Kingswood, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Kingswood with a long lease are worth £205,000. The ground rent is £65 invoiced every year. The lease comes to an end on 21st October 2087
With just 67 years unexpired we estimate the price of your lease extension to span between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.