Questions and Answers: Shirley leasehold conveyancing
I am in need of some leasehold conveyancing in Shirley. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Shirley - 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.
I would like to rent out my leasehold apartment in Shirley. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
The lease dictates relations between the freeholder and you the flat owner; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Shirley do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I am hoping to sign contracts shortly on a leasehold property in Shirley. Conveyancing lawyers have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Shirley should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
- The total extent of the demise. This will be the apartment itself but may incorporate a loft or basement if appropriate.
- Will you be prohibited or prevented from having pets in the property?
- Repair and maintenance of the flat
- The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
- Responsibility for repairing the window frames
- What the implications are if you breach a clause of your lease?
I am a negotiator for a busy estate agency in Shirley where we see a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Shirley conveyancing solicitors. Could you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?
Provided that 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. This means that the proposed purchaser can avoid having 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 extend the lease informally by agreement with the landlord 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.
All being well we will complete the disposal of our £ 450000 flat in Shirley next week. The management company has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Shirley?
Shirley conveyancing on leasehold maisonettes typically necessitates administration charges invoiced by managing agents :
- Addressing pre-exchange enquiries
- Where consent is required before sale in Shirley
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the proprietor of a basement flat in Shirley. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?
Where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to assess the price payable.
An example of a Freehold Enfranchisement case for a Shirley flat is 29 Woodstock Road in April 2014. the Tribunal determined that the premiums to be paid into court in respect of the purchase of the freehold registered at HMLR under Title N0.SY3997 should be £7,217. This case was in relation to 4 flats. The unexpired lease term was 98 years.
I bought a 1st floor flat in Shirley, conveyancing having been completed in 1997. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Shirley with an extended lease are worth £232,000. The ground rent is £60 invoiced every year. The lease finishes on 21st October 2088
With just 62 years left to run we estimate the premium for your lease extension to be between £21,900 and £25,200 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.