Recently asked questions relating to Malpas leasehold conveyancing
I wish to sublet my leasehold apartment in Malpas. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Even though your previous Malpas conveyancing lawyer is not around you can review your lease to check if you are permitted to let out the property. The rule is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you must seek permission via your landlord or other appropriate person before subletting. The net result is you not allowed to sublet without first obtaining consent. The consent is not allowed to be unreasonably withheld. If the lease prohibits you from letting out the property you should ask your landlord for their consent.
Expecting to sign contracts shortly on a garden flat in Malpas. Conveyancing solicitors inform me that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Malpas should include some of the following:
- The total extent of the property. This will be the apartment itself but could also include a loft or basement if applicable.
I am a negotiator for a long established estate agent office in Malpas where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Malpas conveyancing firms. Please can you clarify whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
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 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 has to be done before, 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 buyer.
Can you offer any advice when it comes to appointing a Malpas conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Malpas conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Malpas conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
In relation to leasehold conveyancing in Malpas what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Malpas. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
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. Yorkshire Building Society, Virgin Money, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to pull out.
I inherited a 2 bed flat in Malpas, conveyancing was carried out 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Malpas with an extended lease are worth £180,000. The ground rent is £45 yearly. The lease terminates on 21st October 2084
With only 63 years unexpired we estimate the premium for your lease extension to range between £18,100 and £20,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
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