Questions and Answers: Marple Bridge leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Marple Bridge. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Marple Bridge - 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.
Harry (my fiance) and I may need to let out our Marple Bridge garden flat temporarily due to a new job. We instructed a Marple Bridge conveyancing practice in 2001 but they have since shut and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
The lease governs relations between the landlord and you the leaseholder; specifically, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Marple Bridge do not prevent an absolute prevention of subletting – such a provision would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
There are only 62 years unexpired on my lease in Marple Bridge. I now want to get lease extension but my landlord is absent. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to locate the freeholder. For most situations an enquiry agent should be helpful to try and locate and to produce an expert document to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Marple Bridge.
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Marple Bridge. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Marple Bridge ?
Most houses in Marple Bridge are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Marple Bridge in which case you should be looking for a Marple Bridge conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your lawyer should advise you fully on all the issues.
I am employed by a reputable estate agent office in Marple Bridge where we have experienced a few flat sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Marple Bridge conveyancing firms. Please can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means 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 at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
I purchased a studio flat in Marple Bridge, conveyancing was carried out 7 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Marple Bridge with a long lease are worth £214,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2082
You have 56 years remaining on your lease we estimate the price of your lease extension to span between £26,600 and £30,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
Other Topics