Woodside leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Woodside. Before diving in I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Woodside - 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 rent out my leasehold apartment in Woodside. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your last Woodside conveyancing solicitor is no longer available you can review your lease to check if you are permitted to let out the apartment. The accepted inference is that if the deeds are non-specific, subletting is allowed. Quite often there is a prerequisite that you are obliged to obtain consent via your landlord or other appropriate person prior to subletting. This means you not allowed to sublet without prior permission. The consent is not allowed to be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I am looking at a couple of apartments in Woodside both have about forty five years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Woodside is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Woodside conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I've recently bought a leasehold flat in Woodside. Am I liable to pay 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
Completion in due on our sale of a £175000 flat in Woodside in seven days. The managing agents has quoted £384 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Woodside?
Woodside conveyancing on leasehold apartments usually requires the buyer’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries the majority will be content to assist. They are entitled levy a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The administration charge invoiced by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, without which the charge is technically not due. In reality you have little choice but to pay whatever is demanded should you wish to complete the sale of your home.
I am the registered owner of a first floor flat in Woodside. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
Most certainly. We can put you in touch with a Woodside conveyancing firm who can help.
An example of a Lease Extension decision for a Woodside flat is Ground Floor Flat 14 Lodge Road in October 2013. the tribunal held that the price payable for the acquisition of the extended lease of the property should be £12,590 .00 This case related to 1 flat. The unexpired lease term was 69.46 years.
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