Sample questions relating to Midsomer Norton leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Midsomer Norton. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Midsomer Norton - then the leasehold title will always include the basic details 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.
I want to rent out my leasehold apartment in Midsomer Norton. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Even though your previous Midsomer Norton conveyancing solicitor is not available you can review your lease to check if it allows you to sublet the property. The accepted inference is that if the lease is non-specific, subletting is allowed. There may be a precondition that you must obtain permission from your landlord or some other party in advance of subletting. The net result is that you cannot sublet in the absence of prior permission. Such consent must not not be unreasonably turned down. 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 72 years left on my flat in Midsomer Norton. I now want to get lease extension but my freeholder is can not be found. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to track down the landlord. For most situations a specialist would be useful to carry out a search and to produce an expert document which can be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s absence and the application to the County Court covering Midsomer Norton.
I've recently bought a leasehold house in Midsomer Norton. Do I have any liability for service charges for periods before 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 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).
When it comes to leasehold conveyancing in Midsomer Norton what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Midsomer Norton. All leases are unique and drafting errors can result in certain clauses are missing. 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 premises
- Insurance obligations
- 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 problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, The Royal Bank of Scotland, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
I purchased a ground floor flat in Midsomer Norton, conveyancing formalities finalised 2011. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Midsomer Norton with an extended lease are worth £199,000. The ground rent is £50 charged once a year. The lease runs out on 21st October 2083
With only 57 years left to run we estimate the premium for your lease extension to range between £25,700 and £29,600 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
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