Sample questions relating to Lake District leasehold conveyancing
Frank (my husband) and I may need to let out our Lake District garden flat temporarily due to a new job. We used a Lake District conveyancing practice in 2003 but they have closed and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?
Some leases for properties in Lake District do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Estate agents have just been given the go-ahead to market my 2 bed flat in Lake District.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you discharge the service charge 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 until 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 am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have just found out that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Lake District. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Lake District ?
Most houses in Lake District 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. We note that you are purchasing in Lake District so you should seriously consider looking for a Lake District conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer should appraise you on the various issues.
Back In 2007, I bought a leasehold house in Lake District. Conveyancing and Leeds Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Lake District who previously acted has now retired.What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Lake District conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two maisonettes in Lake District which have approximately fifty years unexpired 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 period of time. As a lease shortens the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area
I own a ground floor flat in Lake District, conveyancing formalities finalised in 2005. How much will my lease extension cost? Similar flats in Lake District with over 90 years remaining are worth £264,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease runs out on 21st October 2096
With 71 years remaining on your lease the likely cost is going to range between £14,300 and £16,400 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
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