Recently asked questions relating to Leighton Buzzard leasehold conveyancing
I am in need of some leasehold conveyancing in Leighton Buzzard. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Leighton Buzzard - 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.
Jane (my partner) and I may need to sub-let our Leighton Buzzard 1st floor flat temporarily due to taking a sabbatical. We used a Leighton Buzzard conveyancing firm in 2002 but they have closed and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?
The lease governs relations between the freeholder and you the leaseholder; specifically, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Leighton Buzzard do not contain subletting altogether – such a provision would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I am tempted by the attractive purchase price for a two maisonettes in Leighton Buzzard both have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Leighton Buzzard is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and banks, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Leighton Buzzard conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What advice can you give us when it comes to finding a Leighton Buzzard conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Leighton Buzzard conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Leighton Buzzard conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How familiar is the practice with lease extension legislation?
Completion in due on the disposal of our £375000 flat in Leighton Buzzard next week. The management company has quoted £408 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Leighton Buzzard?
Leighton Buzzard conveyancing on leasehold maisonettes often requires the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be content to assist. They may charge a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, otherwise the invoice is not strictly payable. Reality however dictates that you have little choice but to pay whatever is requested of you should you wish to sell the property.
Leighton Buzzard Leasehold Conveyancing - Examples of Queries Prior to buying
Are there any major works on the horizon that will likely increase the service costs?
The best form of lease arrangement is a share of the freehold. In this situation the leaseholders benefit from control and even though a managing agent is often employed if it is bigger than a house conversion, the managing agent is directed by the tenants.
How much is the maintenance charge and ground rent on the property?