Sample questions relating to Southborough leasehold conveyancing
I am intending to let out my leasehold apartment in Southborough. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
The lease governs the relationship between the landlord and you the leaseholder; in particular, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Southborough do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
Expecting to exchange soon on a basement flat in Southborough. Conveyancing lawyers assured me that they report fully 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 Southborough should include some of the following:
- Will you be prohibited or prevented from having pets in the property?
- Whether your lease has a provision for a sinking fund?
- You should have a good understanding of the insurance provisions
- Changes to the flat (alterations and additions)
- The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
- 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
My wife and I purchased a leasehold flat in Southborough. Conveyancing and Aldermore mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Southborough who acted for me is not around.Any advice?
First make enquiries of HMLR to be sure that this person is indeed the new freeholder. You do not need to instruct a Southborough conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I've recently bought a leasehold house in Southborough. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am a negotiator for a busy estate agency in Southborough where we have experienced a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Southborough conveyancing firms. Could you confirm whether the seller of a flat can initiate the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
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 purchaser.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Southborough conveyancing firm to represent me?
You certainly can. We are happy to put you in touch with a Southborough conveyancing firm who can help.
An example of a Lease Extension decision for a Southborough property is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The the unexpired residue of the current lease was 50.57 years.
I purchased a 1 bedroom flat in Southborough, conveyancing having been completed 5 years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Southborough with over 90 years remaining are worth £200,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ceases on 21st October 2101
With 75 years remaining on your lease we estimate the price of your lease extension to range between £11,400 and £13,200 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.