Questions and Answers: Castelnau leasehold conveyancing
I am on look out for some leasehold conveyancing in Castelnau. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Castelnau - then the leasehold title will always include the short particulars 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.
Frank (my husband) and I may need to sub-let our Castelnau 1st floor flat for a while due to a career opportunity. We instructed a Castelnau conveyancing firm in 2003 but they have closed and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your last Castelnau conveyancing solicitor is no longer available you can check your lease to check if you are permitted to let out the property. The accepted inference is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you must obtain permission via your landlord or some other party before subletting. The net result is that you cannot sublet without prior consent. Such consent is not allowed to be unreasonably withheld. If your lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.
I have just appointed agents to market my garden apartment in Castelnau.Conveyancing lawyers have not yet been instructed but I have just had a quarterly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should 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 management companies will not acknowledge the buyer until 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 looking at a two maisonettes in Castelnau both have approximately fifty years left on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Castelnau 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 salability of the property. The majority of buyers and banks, leases with under eighty years become less and less marketable. 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 Castelnau conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
Do you have any top tips for leasehold conveyancing in Castelnau from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Castelnau can be avoided if you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information which will be required by the buyers representatives.
- If you have carried out any alterations to the property would they have required Landlord’s permission? In particular have you laid down wooden flooring? Castelnau leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. Should you dont have the approvals to hand do not communicate with the landlord without contacting your lawyer before hand.
We have reached the end of our tether in trying to purchase the freehold in Castelnau. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We can put you in touch with a Castelnau conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Castelnau flat is 19 Crisp Road in June 2009. Following a vesting order (Under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993) The tribunal determined that the premium payable for the acquisition of the freehold was £33,756,apportioned as to£12,285 for the lower at and £21,471for the upper fat. This case was in relation to 2 flats. The the number of years remaining on the existing lease(s) was 68.32 years.