Questions and Answers: Melbourn leasehold conveyancing
I want to sublet my leasehold flat in Melbourn. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your last Melbourn conveyancing lawyer is no longer around you can review your lease to see if it allows you to sublet the premises. The accepted inference is that if the deeds are silent, subletting is allowed. There may be a precondition that you are obliged to obtain permission via your landlord or other appropriate person before subletting. This means that you cannot sublet without first obtaining 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.
Having checked my lease I have discovered that there are only 68 years unexpired on my lease in Melbourn. I now wish to get lease extension but my landlord is absent. What should I do?
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 extended by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to track down the freeholder. On the whole a specialist may be useful to try and locate and prepare an expert document to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court overseeing Melbourn.
I am attracted to a two maisonettes in Melbourn which have approximately forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Melbourn. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £300000 maisonette in Melbourn on Tuesday in a week. The freeholder has quoted £408 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Melbourn?
Melbourn conveyancing on leasehold flats nine out of ten times necessitates administration charges invoiced by management companies :
- Completing pre-exchange enquiries
- Where consent is required before sale in Melbourn
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
When it comes to leasehold conveyancing in Melbourn what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Melbourn. All leases are individual and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Skipton Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.
I own a 2 bed flat in Melbourn, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Melbourn with an extended lease are worth £245,000. The average or mid-range amount of ground rent is £55 per annum. The lease ceases on 21st October 2100
You have 79 years left to run we estimate the premium for your lease extension to range between £11,400 and £13,200 plus costs.
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 detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. 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 move forward placing reliance on this information before getting professional advice.