Frequently asked questions relating to Linton leasehold conveyancing
I am on look out for some leasehold conveyancing in Linton. Before I set the wheels in motion I would like to find out the remaining lease term.
If the lease is registered - and 99.9% are in Linton - 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.
Frank (my husband) and I may need to rent out our Linton 1st floor flat for a while due to taking a sabbatical. We instructed a Linton conveyancing practice in 2001 but they have closed and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
Your lease governs relations between the landlord and you the flat owner; in particular, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Linton do not contain subletting altogether – such a provision would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I am tempted by the attractive purchase price for a two apartments in Linton both have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Linton. The lease is a right to use the property for a period of time. As the lease gets shorter the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field
I've recently bought a leasehold flat in Linton. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £175000 flat in Linton next Friday . The freeholder has quoted £324 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Linton?
Linton conveyancing on leasehold maisonettes normally necessitates the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions the majority will be willing to assist. They are entitled invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The administration charge demanded by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, without which the charge is not strictly payable. In reality one has no option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I bought a 2 bed flat in Linton, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Linton with a long lease are worth £173,000. The ground rent is £45 invoiced annually. The lease finishes on 21st October 2079
You have 54 years left to run we estimate the premium for your lease extension to be between £28,500 and £33,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
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