Top Five Questions relating to Colyers leasehold conveyancing
I am intending to sublet my leasehold apartment in Colyers. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
The lease governs the relationship between the landlord and you the flat owner; in particular, it will set out if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Colyers do not prevent strict prohibition on subletting – such a provision would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
Expecting to sign contracts shortly on a studio apartment in Colyers. Conveyancing solicitors assured me that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Colyers should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Colyers. Conveyancing advisers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Colyers ?
The majority of houses in Colyers are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Colyers so you should seriously consider shopping around for a Colyers conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your lawyer should appraise you on the various issues.
I work for a reputable estate agent office in Colyers where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Colyers conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 disposal of the property.
An alternative approach is 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 buyer.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £150000 flat in Colyers next week. The landlords agents has quoted £360 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Colyers?
Colyers conveyancing on leasehold flats often requires the buyer’s conveyancer submitting questions for the landlord to address. Although the landlord is not legally bound to answer such questions the majority will be willing to do so. They are entitled levy a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, without which the charge is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you should you wish to complete the sale of your home.
Having spent years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Colyers. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We can put you in touch with a Colyers conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Colyers premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The remaining number of years on the lease was 76 years.