Top Five Questions relating to Liskeard leasehold conveyancing
I am in need of some leasehold conveyancing in Liskeard. Before I get started I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Liskeard - 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 Liskeard ground floor flat for a while due to taking a sabbatical. We used a Liskeard conveyancing practice in 2003 but they have since shut and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?
A lease governs the relationship between the freeholder and you the flat owner; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Liskeard do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
Looking forward to complete next month on a ground floor flat in Liskeard. Conveyancing solicitors inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Liskeard should include some of the following:
- The total extent of the property. This will be the property itself but could also include a loft or cellar if appropriate.
Estate agents have just been given the go-ahead to market my ground floor apartment in Liskeard.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you 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. This will smooth the conveyancing process.
I am employed by a reputable estate agency in Liskeard where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Liskeard conveyancing firms. Could you clarify whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
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. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
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.
I inherited a leasehold flat in Liskeard, conveyancing having been completed 1998. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Liskeard with over 90 years remaining are worth £226,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease expires on 21st October 2074
With only 54 years left to run the likely cost is going to span between £28,500 and £33,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.