Questions and Answers: Kirkby Lonsdale leasehold conveyancing
I am on look out for some leasehold conveyancing in Kirkby Lonsdale. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Kirkby Lonsdale - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
My partner and I may need to sub-let our Kirkby Lonsdale ground floor flat for a while due to a new job. We used a Kirkby Lonsdale conveyancing firm in 2002 but they have since shut and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?
A lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will say if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Kirkby Lonsdale do not contain strict prohibition on subletting – such a clause would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
Having checked my lease I have discovered that there are only Fifty years left on my lease in Kirkby Lonsdale. I now wish to get lease extension but my freeholder is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to find the freeholder. On the whole a specialist may be helpful to try and locate and prepare a report to be used as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the application to the County Court overseeing Kirkby Lonsdale.
Due to exchange soon on a studio apartment in Kirkby Lonsdale. Conveyancing lawyers have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Kirkby Lonsdale should include some of the following:
- You should receive a copy of the lease
I have just started marketing my ground floor apartment in Kirkby Lonsdale.Conveyancing has not commenced but I have just had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I inherited a 1 bedroom flat in Kirkby Lonsdale, conveyancing having been completed in 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Kirkby Lonsdale with an extended lease are worth £225,000. The ground rent is £65 invoiced annually. The lease runs out on 21st October 2093
With just 72 years remaining on your lease we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.