Common questions relating to Newbury Park leasehold conveyancing
I am on look out for some leasehold conveyancing in Newbury Park. Before diving in I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Newbury Park - 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.
I want to sublet my leasehold apartment in Newbury Park. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Notwithstanding that your last Newbury Park conveyancing solicitor is no longer available you can review your lease to see if it allows you to sublet the apartment. The accepted inference is that if the lease is silent, subletting is permitted. There may be a precondition that you must obtain permission from your landlord or some other party before subletting. The net result is you not allowed to sublet without first obtaining permission. Such consent must not not be unreasonably refused ore delayed. If your lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.
Planning to exchange soon on a leasehold property in Newbury Park. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Newbury Park should include some of the following:
- Setting out your legal entitlements in relation to common areas in the building.E.G., does the lease provide for a right of way over a path or hallways?
I am tempted by the attractive purchase price for a couple of flats in Newbury Park which have approximately fifty years unexpired on the lease term. should I be concerned?
A lease is a right to use the property for a prescribed time frame. As the lease shortens the value of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area
I work for a busy estate agent office in Newbury Park where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Newbury Park conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible 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.
After years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Newbury Park. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Newbury Park conveyancing firm who can help.
An example of a Lease Extension case for a Newbury Park property is 104 Coventry Road in July 2014. The Tribunal determined that the lease extension permium should be £22,896.15 This case related to 1 flat. The the unexpired term as at the valuation date was 60.29 years.