Lytchett Matravers leasehold conveyancing: Q and A’s
My partner and I may need to let out our Lytchett Matravers ground floor flat for a while due to a new job. We instructed a Lytchett Matravers conveyancing firm in 2003 but they have closed and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
Some leases for properties in Lytchett Matravers do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Due to complete next month on a leasehold property in Lytchett Matravers. Conveyancing solicitors have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Lytchett Matravers should include some of the following:
- Setting out your rights in respect of common areas in the block.For example, does the lease permit a right of way over an accessway or hallways?
Estate agents have just been given the go-ahead to market my garden apartment in Lytchett Matravers.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge invoice – Do I pay up?
The sensible thing to do is clear 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 management companies 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.
What are your top tips when it comes to appointing a Lytchett Matravers conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (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 speak with several firms including non Lytchett Matravers conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How experienced is the firm with lease extension legislation?
What makes a Lytchett Matravers lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Lytchett Matravers. All leases is drafted differently and drafting errors can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Barnsley Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.
I own a split level flat in Lytchett Matravers, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Lytchett Matravers with a long lease are worth £266,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2085
With only 65 years unexpired we estimate the premium for your lease extension to span between £14,300 and £16,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.