Examples of recent questions relating to leasehold conveyancing in Lechlade
Jane (my partner) and I may need to let out our Lechlade basement flat for a while due to taking a sabbatical. We instructed a Lechlade conveyancing firm in 2001 but they have since shut 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 Lechlade do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold 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.
Due to sign contracts shortly on a leasehold property in Lechlade. Conveyancing lawyers inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Lechlade should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I have just started marketing my basement apartment in Lechlade.Conveyancing has not commenced but I have just received a yearly service charge invoice – Do I pay up?
The sensible thing to do is clear 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.
Last month I purchased a leasehold flat in Lechlade. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
Do you have any advice for leasehold conveyancing in Lechlade from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Lechlade can be bypassed if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers.
- Many landlords or Management Companies in Lechlade charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Lechlade.
I bought a 1st floor flat in Lechlade, conveyancing formalities finalised in 2000. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Lechlade with a long lease are worth £209,000. The average or mid-range amount of ground rent is £50 levied per year. The lease comes to an end on 21st October 2090
With just 69 years left to run we estimate the price of your lease extension to range between £13,300 and £15,400 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 this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.