Frequently asked questions relating to Colyers leasehold conveyancing
I am on look out for some leasehold conveyancing in Colyers. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
If the lease is registered - and most are in Colyers - then the leasehold title will always include the basic details 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.
Jane (my partner) and I may need to let out our Colyers basement flat temporarily due to taking a sabbatical. We used a Colyers conveyancing firm in 2003 but they have since shut and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?
Even though your last Colyers conveyancing solicitor is not around you can review your lease to see if you are permitted to let out the apartment. The rule is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you must seek consent from your landlord or other appropriate person prior to subletting. The net result is you not allowed to sublet without first obtaining consent. The consent is not allowed to be unreasonably withheld. If the lease does not allow you to sublet you should ask your landlord for their consent.
Expecting to complete next month on a ground floor flat in Colyers. Conveyancing lawyers inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Colyers should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I work for a busy estate agency in Colyers where we see a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Colyers conveyancing solicitors. Please can you clarify whether the seller of a flat can instigate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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 purchaser.
After months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Colyers. Can we issue an application to the Residential Property Tribunal Service?
Most definitely. We are happy to put you in touch with a Colyers conveyancing firm who can help.
An example of a Lease Extension decision 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 unexpired term was 76 years.
When it comes to leasehold conveyancing in Colyers what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Colyers. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Bank of Scotland, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.