Common questions relating to Lake District leasehold conveyancing
I am in need of some leasehold conveyancing in Lake District. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Lake District - then the leasehold title will always include the basic details 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.
I am intending to let out my leasehold flat in Lake District. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Even though your last Lake District conveyancing solicitor is no longer available you can check your lease to check if you are permitted to let out the premises. The rule is that if the deeds are silent, subletting is permitted. Quite often there is a prerequisite that you need to seek consent from your landlord or some other party prior to subletting. This means that you cannot sublet in the absence of first obtaining consent. The consent must not not be unreasonably turned down. If your lease prohibits you from subletting the property you will need to ask your landlord for their consent.
There are only 68 years remaining on my lease in Lake District. I am keen to get lease extension but my freeholder is missing. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you have done all that could be expected to find the freeholder. For most situations a specialist would be helpful to try and locate and prepare an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s absence and the vesting order request to the County Court covering Lake District.
I am tempted by the attractive purchase price for a couple of flats in Lake District which have approximately fifty years remaining on the leases. Will this present a problem?
There are plenty of short leases in Lake District. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena
I've recently bought a leasehold flat in Lake District. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a basement flat in Lake District, conveyancing having been completed 5 years ago. How much will my lease extension cost? Similar flats in Lake District with over 90 years remaining are worth £191,000. The ground rent is £45 invoiced every year. The lease ceases on 21st October 2071
With just 50 years remaining on your lease the likely cost is going to be between £38,000 and £44,000 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be 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 based on this information before seeking the advice of a professional.