Common questions relating to Ladywood leasehold conveyancing
My fiance and I may need to sub-let our Ladywood ground floor flat for a while due to a career opportunity. We instructed a Ladywood conveyancing firm in 2003 but they have since shut and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your last Ladywood conveyancing lawyer is no longer available you can check your lease to see if you are permitted to let out the premises. The rule is that if the lease is silent, subletting is permitted. There may be a precondition that you need to obtain consent from your landlord or some other party before subletting. This means you not allowed to sublet in the absence of prior consent. Such consent should not be unreasonably refused ore delayed. If your lease prohibits you from letting out the property you will need to ask your landlord if they are willing to waive this restriction.
There are only 72 years remaining on my flat in Ladywood. I now want to extend my lease but my landlord is absent. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to prove that you have done all that could be expected to locate the freeholder. In some cases a specialist would be helpful to try and locate and prepare an expert document which can be used as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Ladywood.
Planning to exchange soon on a garden flat in Ladywood. Conveyancing solicitors inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Ladywood should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
I am attracted to a couple of flats in Ladywood both have approximately fifty years left on the leases. should I be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
Are there frequently found deficiencies that you witness in leases for Ladywood properties?
Leasehold conveyancing in Ladywood is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
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. Nationwide Building Society, Virgin Money, and Bank of Ireland all have very detailed requirements 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 grant the mortgage, forcing the purchaser to pull out.
I acquired a basement flat in Ladywood, conveyancing formalities finalised in 1998. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Ladywood with an extended lease are worth £251,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ceases on 21st October 2100
You have 77 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.