Recently asked questions relating to Lichfield leasehold conveyancing
I am on look out for some leasehold conveyancing in Lichfield. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is registered - and almost all are in Lichfield - 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 husband and I may need to rent out our Lichfield ground floor flat for a while due to a career opportunity. We instructed a Lichfield conveyancing firm in 2002 but they have closed and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?
A lease dictates the relationship between the landlord and you the flat owner; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Lichfield do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
Estate agents have just been given the go-ahead to market my 2 bed apartment in Lichfield.Conveyancing has not commenced but I have just received a yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay 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 unless 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.
My wife and I purchased a leasehold house in Lichfield. Conveyancing and Barclays Direct mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Lichfield who acted for me is not around.What should I do?
First contact HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to instruct a Lichfield conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two flats in Lichfield which have about 50 years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Lichfield is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of purchasers and banks, leases with under 75 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 property 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 premises 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 Lichfield conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.
I inherited a 1st floor flat in Lichfield, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Lichfield with a long lease are worth £167,000. The average or mid-range amount of ground rent is £65 levied per year. The lease terminates on 21st October 2102
You have 77 years left to run the likely cost is going to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.
Other Topics