Experts for Leasehold Conveyancing in Midhurst

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Examples of recent questions relating to leasehold conveyancing in Midhurst

I am intending to let out my leasehold flat in Midhurst. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

A small minority of properties in Midhurst do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see 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 permission.

Due to exchange soon on a basement flat in Midhurst. Conveyancing solicitors assured me that they are sending me a report on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Midhurst should include some of the following:

  • How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Setting out your legal entitlements in respect of the communal areas in the building.E.G., does the lease permit a right of way over an accessway or staircase?
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Are pets allowed in the flat?
  • You should have a good understanding of the insurance provisions
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For details of the information to be contained in your report on your leasehold property in Midhurst please ask your lawyer in ahead of your conveyancing in Midhurst

    • I am looking at a couple of apartments in Midhurst both have about 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 Midhurst. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the saleability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field

    Last month I purchased a leasehold house in Midhurst. 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 lessee and they have not paid you would not usually be personally liable for the arrears. However, 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 be sure 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).

    Can you provide any advice for leasehold conveyancing in Midhurst with the intention of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Midhurst can be reduced where you get in touch lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers lawyers.
    • The majority landlords or managing agents in Midhurst charge for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Midhurst.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you installed wooden flooring? Midhurst leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord approving such works. Should you dont have the paperwork in place you should not contact the landlord without contacting your solicitor before hand.
  • A minority of Midhurst leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share certificate. Arranging a re-issued share certificate is often a time consuming formality and slows down many a Midhurst conveyancing deal. Where a duplicate share is needed, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.

    • I acquired a garden flat in Midhurst, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Midhurst with an extended lease are worth £242,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2094

    With 69 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 as well as professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Midhurst