Frequently asked questions relating to Langford leasehold conveyancing
Harry (my fiance) and I may need to let out our Langford basement flat temporarily due to taking a sabbatical. We instructed a Langford conveyancing firm in 2003 but they have closed and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
Even though your previous Langford conveyancing solicitor is no longer available you can review your lease to see if you are permitted to let out the premises. The accepted inference is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you need to seek consent from your landlord or other appropriate person before subletting. This means that you cannot sublet without first obtaining consent. Such consent should not be unreasonably refused ore delayed. If the lease does not allow you to sublet you should ask your landlord for their consent.
Back In 2005, I bought a leasehold flat in Langford. Conveyancing and Birmingham Midshires mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Langford who previously acted has long since retired.What should I do?
First make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Langford conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am employed by a busy estate agent office in Langford where we have experienced a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Langford conveyancing firms. Could you confirm whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Do you have any advice for leasehold conveyancing in Langford with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Langford can be reduced where you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the buyers representatives.
- Many landlords or Management Companies in Langford levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Langford.
Are there common deficiencies that you witness in leases for Langford properties?
Leasehold conveyancing in Langford is not unique. Most leases are individual and drafting errors can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Leeds Building Society, and Clydesdale 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 does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
I invested in buying a basement flat in Langford, conveyancing formalities finalised in 2004. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Langford with a long lease are worth £193,000. The ground rent is £50 yearly. The lease ceases on 21st October 2099
With 76 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should 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.