Sample questions relating to Littleport leasehold conveyancing
I want to let out my leasehold flat in Littleport. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A small minority of properties in Littleport do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review 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've found a house that appears to be perfect, at a great price which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Littleport. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
The majority of houses in Littleport are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Littleport so you should seriously consider shopping around for a Littleport conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your lawyer will appraise you on the various issues.
I own a leasehold house in Littleport. Conveyancing and Bank of Ireland mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Littleport who previously acted has long since retired.Any advice?
First contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Littleport conveyancing firm to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am employed by a reputable estate agent office in Littleport where we have experienced a few flat sales derailed due to short leases. I have been given contradictory information from local Littleport conveyancing firms. Could you clarify whether the owner 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 proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
Are there common problems that you see in leases for Littleport properties?
Leasehold conveyancing in Littleport is not unique. All leases are individual and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Coventry Building Society, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.
I acquired a garden flat in Littleport, conveyancing was carried out 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Littleport with an extended lease are worth £203,000. The average or mid-range amount of ground rent is £60 yearly. The lease expires on 21st October 2087
You have 64 years remaining on your lease the likely cost is going to be between £17,100 and £19,800 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.