Frequently asked questions relating to Montpelier leasehold conveyancing
I am on look out for some leasehold conveyancing in Montpelier. Before I get started I would like to find out the unexpired term of the lease.
If the lease is registered - and almost all are in Montpelier - 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 am intending to sublet my leasehold flat in Montpelier. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Your lease governs relations between the landlord and you the leaseholder; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Montpelier do not contain strict prohibition on subletting – such a clause would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
Looking forward to complete next month on a garden flat in Montpelier. Conveyancing solicitors inform me that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Montpelier should include some of the following:
- The total extent of the premises. This will be the flat itself but might incorporate a roof space or basement if appropriate.
I've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Montpelier. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
The majority of houses in Montpelier are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Montpelier in which case you should be shopping around for a Montpelier conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer will appraise you on the various issues.
Last month I purchased a leasehold house in Montpelier. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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. A critical element 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 purchased a ground floor flat in Montpelier, conveyancing having been completed 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Montpelier with an extended lease are worth £198,000. The ground rent is £55 invoiced annually. The lease finishes on 21st October 2079
With 58 years unexpired we estimate the price of your lease extension to be between £22,800 and £26,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.