Leyland leasehold conveyancing: Q and A’s
Harry (my fiance) and I may need to sub-let our Leyland garden flat temporarily due to a new job. We used a Leyland conveyancing firm in 2003 but they have since shut and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?
A small minority of properties in Leyland do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse 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 permission.
I am looking at a two maisonettes in Leyland which have about fifty years unexpired on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area
What are your top tips when it comes to appointing a Leyland conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Leyland conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Leyland conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- How familiar is the practice with lease extension legislation?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £275000 apartment in Leyland in just under a week. The freeholder has quoted £420 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Leyland?
For most leasehold sales in Leyland conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-exchange enquiries
- Where consent is required before sale in Leyland
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
In relation to leasehold conveyancing in Leyland what are the most common lease problems?
Leasehold conveyancing in Leyland is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Virgin Money, and Barclays Direct all have express 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, forcing the purchaser to pull out.
I invested in buying a studio flat in Leyland, conveyancing was carried out 2008. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Leyland with an extended lease are worth £238,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease expires on 21st October 2097
With just 76 years unexpired we estimate the premium for your lease extension to span between £11,400 and £13,200 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.