Lymm leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Lymm. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Lymm - 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 would like to rent out my leasehold apartment in Lymm. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Even though your last Lymm conveyancing lawyer is no longer available you can review your lease to check if you are permitted to let out the premises. The accepted inference is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you need to seek consent via your landlord or some other party prior to subletting. This means that you cannot sublet without prior permission. Such consent must not not be unreasonably refused ore delayed. If the lease does not allow you to sublet you should ask your landlord for their consent.
Having checked my lease I have discovered that there are only 62 years remaining on my flat in Lymm. I now wish to get lease extension but my freeholder is absent. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to find the lessor. For most situations an enquiry agent should be useful to try and locate and to produce an expert document which can be used as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Lymm.
I today plan to offer on a house that seems to be perfect, at a great price which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Lymm. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
Most houses in Lymm are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Lymm so you should seriously consider shopping around for a Lymm conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.
I am attracted to a couple of flats in Lymm which have in the region of fifty years left on the lease term. Do I need to be concerned?
There are plenty of short leases in Lymm. The lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this field
I purchased a garden flat in Lymm, conveyancing having been completed in 2003. Can you work out an approximate cost of a lease extension? Comparable flats in Lymm with an extended lease are worth £195,000. The ground rent is £45 charged once a year. The lease ceases on 21st October 2097
With 74 years remaining on your lease we estimate the price of your lease extension to be between £13,300 and £15,400 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.