Top Five Questions relating to Liskeard leasehold conveyancing
I am intending to let out my leasehold apartment in Liskeard. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your previous Liskeard conveyancing solicitor is not around you can check your lease to see if it allows you to sublet the property. The rule is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you are obliged to obtain consent via your landlord or some other party in advance of subletting. The net result is you not allowed to sublet in the absence of prior consent. Such consent is not allowed to be unreasonably turned down. If the lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.
I have recently realised that I have 62 years remaining on my lease in Liskeard. I now wish to get lease extension but my freeholder is can not be found. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to demonstrate that you have done all that could be expected to find the freeholder. On the whole a specialist should be helpful to try and locate and prepare a report to be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court covering Liskeard.
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Liskeard. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Liskeard ?
Most houses in Liskeard 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 apparent that you are purchasing in Liskeard in which case you should be looking for a Liskeard conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer should report to you on the legal implications.
I work for a busy estate agent office in Liskeard where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Liskeard conveyancing firms. Can you shed some light as to whether the owner of a flat can start the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
What advice can you give us when it comes to finding a Liskeard conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Liskeard conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Liskeard conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- How experienced is the practice with lease extension legislation?
I am the registered owner of a 1 bedroom flat in Liskeard, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Comparable properties in Liskeard with over 90 years remaining are worth £199,000. The average or mid-range amount of ground rent is £60 yearly. The lease finishes on 21st October 2092
With only 68 years remaining on your lease we estimate the premium for your lease extension to be between £11,400 and £13,200 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 tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.