Questions and Answers: Mildmay leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Mildmay. Before I get started I want to be sure as to the remaining lease term.
If the lease is registered - and most are in Mildmay - 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.
I am intending to sublet my leasehold flat in Mildmay. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Even though your last Mildmay conveyancing lawyer is not available you can review your lease to see if it allows you to sublet the premises. The accepted inference is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you must obtain consent via your landlord or some other party before subletting. The net result is you not allowed to sublet without prior consent. The consent should not be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord for their consent.
I’m about to sell my basement flat in Mildmay.Conveyancing is yet to be initiated but I have just received a half-yearly service charge demand – Do I pay up?
It best that you pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am a negotiator for a busy estate agent office in Mildmay where we see a few flat sales put at risk due to short leases. I have received conflicting advice from local Mildmay conveyancing firms. Could you shed some light as to whether the owner of a flat can start the lease extension process for the buyer?
Provided that 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 can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is 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 buyer.
All being well we will complete the disposal of our £150000 flat in Mildmay on Friday in a week. The freeholder has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Mildmay?
Mildmay conveyancing on leasehold maisonettes typically involves administration charges invoiced by freeholders :
- Completing pre-exchange questions
- Where consent is required before sale in Mildmay
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I invested in buying a 1 bedroom flat in Mildmay, conveyancing having been completed 6 years ago. How much will my lease extension cost? Equivalent flats in Mildmay with an extended lease are worth £191,000. The ground rent is £45 levied per year. The lease expires on 21st October 2084
With just 61 years remaining on your lease we estimate the premium for your lease extension to span between £19,000 and £22,000 as well as plus your own and the landlord's "reasonable" 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 the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.