Questions and Answers: Lechlade leasehold conveyancing
I am in need of some leasehold conveyancing in Lechlade. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Lechlade - 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.
My fiance and I may need to let out our Lechlade basement flat for a while due to a career opportunity. We instructed a Lechlade conveyancing practice in 2002 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?
Your lease governs the relationship between the landlord and you the flat owner; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Lechlade do not contain an absolute prevention of subletting – such a provision would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
Can you offer any advice when it comes to choosing a Lechlade conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Lechlade conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Lechlade conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If they are not ALEP accredited then what is the reason?
All being well we will complete the sale of our £125000 flat in Lechlade next week. The landlords agents has quoted £300 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Lechlade?
For most leasehold sales in Lechlade conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Lechlade
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What are the frequently found problems that you see in leases for Lechlade properties?
Leasehold conveyancing in Lechlade is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- 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
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Mortgage Works, 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 is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.
I acquired a garden flat in Lechlade, conveyancing formalities finalised in 1995. Can you work out an approximate cost of a lease extension? Corresponding flats in Lechlade with an extended lease are worth £263,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease terminates on 21st October 2090
With only 67 years unexpired we estimate the price of your lease extension to range between £13,300 and £15,400 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.