Frequently asked questions relating to Belmont leasehold conveyancing
I am intending to sublet my leasehold flat in Belmont. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
A lease governs relations between the freeholder and you the leaseholder; specifically, it will set out if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Belmont do not prevent subletting altogether – such a clause would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
Looking forward to complete next month on a basement flat in Belmont. Conveyancing solicitors inform me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Belmont should include some of the following:
- The physical extent of the property. This will be the flat itself but could also include a roof space or basement if appropriate.
I am attracted to a couple of flats in Belmont which have in the region of forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Belmont is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and lenders, leases with under eighty years become less and less marketable. On a more upbeat 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 premises 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 Belmont 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 the agreed 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 provide any top tips for leasehold conveyancing in Belmont with the intention of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Belmont can be bypassed if you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the buyers lawyers.
- Many landlords or Management Companies in Belmont charge for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Belmont.
All being well we will complete our sale of a £400000 apartment in Belmont next week. The freeholder has quoted £312 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Belmont?
Belmont conveyancing on leasehold apartments more often than not involves the buyer’s conveyancer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be content to do so. They are at liberty charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee demanded by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, otherwise the invoice is technically not due. In reality you have little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I own a second floor flat in Belmont. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
You certainly can. We can put you in touch with a Belmont conveyancing firm who can help.
An example of a Lease Extension decision for a Belmont residence is 197 Byron Road in March 2013. In relation to the value of the extended lease the tribunal concluded that the appropriate premium should be £19237 This case was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 70.92 years.