Recently asked questions relating to Millom leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Millom. Before diving in I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Millom - 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.
Harry (my fiance) and I may need to rent out our Millom garden flat temporarily due to a new job. We instructed a Millom conveyancing practice in 2002 but they have closed and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?
Even though your previous Millom conveyancing lawyer is no longer around you can check your lease to check if you are permitted to let out the property. The rule is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you need to obtain permission from your landlord or other appropriate person in advance of subletting. The net result is you not allowed to sublet in the absence of prior permission. The consent must not not be unreasonably turned down. If the lease prohibits you from letting out the property you should ask your landlord for their consent.
I only have 68 years unexpired on my lease in Millom. I need to get lease extension but my freeholder is absent. What should I do?
On the basis that you qualify, 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 enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to find the lessor. On the whole an enquiry agent would be helpful to carry out a search and prepare a report to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering Millom.
I am looking at a couple of maisonettes in Millom which have about fifty years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Millom is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Millom conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What advice can you give us when it comes to appointing a Millom conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Millom conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Millom conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- How familiar is the firm with lease extension legislation?
Leasehold Conveyancing in Millom - Sample of Questions you should consider before Purchasing
Most Millom leasehold properties will be liable to pay a service charge for maintenance of the block set by the freeholder. Should you buy the flat you will have to meet this amount, normally in instalments during the year. This could differ from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. In all probability there will be a ground rent to be met yearly, this is usually not a significant figure, say approximately £25-£75 but you should to enquire as on occasion it can be prohibitively expensive.
How much is the maintenance charge and ground rent on the flat?
How many years are left on the lease?