Examples of recent questions relating to leasehold conveyancing in Lydney
My fiance and I may need to rent out our Lydney basement flat for a while due to taking a sabbatical. We instructed a Lydney conveyancing firm in 2003 but they have since shut and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?
Even though your previous Lydney conveyancing solicitor is not around you can check your lease to check if you are permitted to let out the property. The accepted inference is that if the lease is non-specific, subletting is allowed. There may be a precondition that you are obliged to seek consent from your landlord or some other party in advance of subletting. This means you not allowed to sublet without first obtaining permission. The consent must not not be unreasonably withheld. If your lease does not allow you to sublet you will need to ask your landlord for their consent.
Planning to exchange soon on a ground floor flat in Lydney. Conveyancing solicitors inform me that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Lydney should include some of the following:
- The physical extent of the premises. This will be the property itself but might include a loft or basement if applicable.
My wife and I purchased a leasehold flat in Lydney. Conveyancing and Alliance & Leicester mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Lydney who acted for me is not around.What should I do?
The first thing you should do is contact HMLR to be sure that this person is in fact the new freeholder. You do not need to incur the fees of a Lydney conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I work for a reputable estate agency in Lydney where we see a number of leasehold sales put at risk as a result of short leases. I have received conflicting advice from local Lydney conveyancing solicitors. Can you confirm whether the vendor of a flat can initiate the lease extension formalities 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. The benefit of this is that the buyer 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 needs to be completed prior to, 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 purchaser.
Can you offer any advice when it comes to finding a Lydney conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Lydney conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Lydney conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How experienced is the firm with lease extension legislation?
Leasehold Conveyancing in Lydney - A selection of Questions you should ask before buying
Best to be warned whether fixing the lift or some other major work is anticipated that will be shared amongst the leaseholders and could well materially impact the level of the service fees or necessitate a one time payment.
Does the lease include onerous restrictions?
The prefered form of lease structure is a share of the freehold. In this scenario the lessees benefit from control and notwithstanding that a managing agent is usually employed if the building is bigger than a house conversion, the managing agent retained by the leaseholders.