Merriott leasehold conveyancing Example Support Desk Enquiries
I want to let out my leasehold apartment in Merriott. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
A lease dictates relations between the freeholder and you the flat owner; specifically, it will set out if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Merriott do not contain subletting altogether – such a clause would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
Having checked my lease I have discovered that there are only Fifty years unexpired on my lease in Merriott. I am keen to get lease extension but my freeholder is missing. What should I do?
If 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 enable the lease to be extended by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to track down the freeholder. In some cases an enquiry agent may be useful to carry out a search and to produce a report to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to investigating the landlord’s absence and the application to the County Court overseeing Merriott.
I am attracted to a couple of maisonettes in Merriott both have in the region of 50 years unexpired on the leases. should I be concerned?
A lease is a right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease deteriorate and it becomes more costly to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field
I've recently bought a leasehold property in Merriott. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am employed by a long established estate agency in Merriott where we see a number of leasehold sales put at risk due to short leases. I have received contradictory information from local Merriott conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has been the owner 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 buyer can avoid having 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 disposal of the property.
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 purchaser.
I invested in buying a 1st floor flat in Merriott, conveyancing having been completed 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Merriott with a long lease are worth £246,000. The average or mid-range amount of ground rent is £60 yearly. The lease ceases on 21st October 2093
With just 68 years remaining on your lease the likely cost is going to be between £10,500 and £12,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.
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