Sample questions relating to Bellingham leasehold conveyancing
Frank (my husband) and I may need to let out our Bellingham 1st floor flat temporarily due to a career opportunity. We instructed a Bellingham conveyancing firm in 2003 but they have closed and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
The lease governs relations between the freeholder and you the flat owner; specifically, it will indicate if subletting is prohibited, 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 Bellingham do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Bellingham. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
Most houses in Bellingham are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Bellingham in which case you should be shopping around for a Bellingham conveyancing solicitor 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. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your lawyer should advise you fully on all the issues.
I am attracted to a two maisonettes in Bellingham both have about 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Bellingham is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and lenders, leases with under eighty years become less and less attractive. 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 premises 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 property 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 Bellingham 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.
Can you offer any advice when it comes to appointing a Bellingham conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Bellingham conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Bellingham conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- How experienced is the firm with lease extension legislation?
Can you provide any advice for leasehold conveyancing in Bellingham from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Bellingham can be bypassed if you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Bellingham leases often stipulate that internal structural changes or installing wooden flooring calls for a licence from the Landlord acquiescing to such changes. If you dont have the approvals to hand do not contact the landlord without contacting your solicitor before hand.
Following months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Bellingham. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We can put you in touch with a Bellingham conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Bellingham property is 75 Woolstone Road in February 2012. the decision of the Tribunal was that the appropriate amount to be paid to purchase the freehold was the sum of £17,711 . This case was in relation to 2 flats. The the number of years remaining on the existing lease(s) was 68.28 and 158.