Common questions relating to Leeswood leasehold conveyancing
I want to let out my leasehold apartment in Leeswood. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Notwithstanding that your last Leeswood conveyancing solicitor is not around you can review your lease to check if you are permitted to let out the apartment. The rule is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you are obliged to obtain permission via your landlord or other appropriate person before subletting. This means you not allowed to sublet in the absence of prior consent. The consent must not not be unreasonably withheld. If the lease prohibits you from letting out the property you should ask your landlord for their consent.
I have just started marketing my 2 bed flat in Leeswood.Conveyancing solicitors are to be appointed soon but I have just received a quarterly service charge invoice – what should I do?
The sensible thing to do is 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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.
I've found a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Leeswood. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
Most houses in Leeswood are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Leeswood so you should seriously consider looking for a Leeswood conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will advise you fully on all the issues.
I've recently bought a leasehold property in Leeswood. Am I liable to pay service charges for periods before my ownership?
In a situation 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. 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 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).
When it comes to leasehold conveyancing in Leeswood what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Leeswood. All leases are individual and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- 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 will 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. Santander, The Mortgage Works, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.
I own a split level flat in Leeswood, conveyancing having been completed in 2001. How much will my lease extension cost? Comparable properties in Leeswood with a long lease are worth £235,000. The ground rent is £45 yearly. The lease runs out on 21st October 2084
With only 62 years unexpired we estimate the price of your lease extension to span between £16,200 and £18,600 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.