Sample questions relating to Lytchett Matravers leasehold conveyancing
Helen (my wife) and I may need to sub-let our Lytchett Matravers ground floor flat temporarily due to a career opportunity. We used a Lytchett Matravers conveyancing firm in 2001 but they have since shut and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your last Lytchett Matravers conveyancing lawyer is not available you can check your lease to check if you are permitted to let out the apartment. The rule is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you are obliged to obtain permission via your landlord or some other party prior to subletting. The net result is you not allowed to sublet without prior permission. The consent is not allowed to be unreasonably refused ore delayed. If the lease does not allow you to sublet you should ask your landlord for their consent.
I have just started marketing my 2 bed flat in Lytchett Matravers.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I work for a long established estate agency in Lytchett Matravers where we have experienced a few flat sales jeopardised due to short leases. I have received conflicting advice from local Lytchett Matravers conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can instigate the lease extension process for the buyer?
Provided that 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 proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is 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.
What are your top tips when it comes to finding a Lytchett Matravers conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Lytchett Matravers conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Lytchett Matravers conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- If the firm is not ALEP accredited then why not?
- What volume of lease extensions have they completed in Lytchett Matravers in the last year?
Can you provide any top tips for leasehold conveyancing in Lytchett Matravers with the intention of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Lytchett Matravers can be avoided where you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
- If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Lytchett Matravers state that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. If you fail to have the paperwork in place you should not communicate with the landlord without contacting your lawyer in advance.
- Some Lytchett Matravers leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
- If you have had any disputes with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than unresolved.
- You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is below 75 years. It is therefore important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.
I acquired a 1st floor flat in Lytchett Matravers, conveyancing formalities finalised 1996. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Lytchett Matravers with over 90 years remaining are worth £251,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2076
You have 50 years left to run the likely cost is going to span between £40,900 and £47,200 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.