Newbridge leasehold conveyancing: Q and A’s
I am intending to let out my leasehold apartment in Newbridge. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
A lease dictates the relationship between the freeholder and you the flat owner; in particular, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Newbridge do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
Having checked my lease I have discovered that there are only Seventy years unexpired on my flat in Newbridge. I am keen to get lease extension but my landlord is can not be found. What are my options?
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 for permission 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 prove that you have used your best endeavours to find the freeholder. For most situations a specialist should be helpful to conduct investigations and prepare an expert document to be used as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Newbridge.
What are your top tips when it comes to finding a Newbridge conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Newbridge conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Newbridge conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- If the firm is not ALEP accredited then what is the reason?
Can you provide any advice for leasehold conveyancing in Newbridge with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Newbridge can be bypassed where you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers representatives.
- Many freeholders or managing agents in Newbridge levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Newbridge.
If all goes to plan we aim to complete our sale of a £425000 flat in Newbridge in just under a week. The management company has quoted £372 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Newbridge?
Newbridge conveyancing on leasehold apartments more often than not involves the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to answer these enquiries the majority will be willing to assist. They are at liberty charge a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some cases it is above £800. The administration charge levied by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, without which the invoice is not strictly payable. In reality you have no option but to pay whatever is requested of you if you want to sell the property.
I own a garden flat in Newbridge, conveyancing formalities finalised 10 years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Newbridge with a long lease are worth £253,000. The ground rent is £55 invoiced annually. The lease ends on 21st October 2101
With just 80 years left to run we estimate the price of your lease extension to range between £9,500 and £11,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues 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 without first getting professional advice.