Recently asked questions relating to Newbury leasehold conveyancing
My husband and I may need to let out our Newbury 1st floor flat temporarily due to a career opportunity. We instructed a Newbury conveyancing practice in 2001 but they have since shut and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
Notwithstanding that your previous Newbury conveyancing lawyer is no longer available you can review your lease to see if it allows you to sublet the premises. The rule is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you need to obtain permission via your landlord or some other party in advance of subletting. The net result is you not allowed to sublet in the absence of prior consent. The consent should not be unreasonably turned down. If the lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.
Last month I purchased a leasehold house in Newbury. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner 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 be sure 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).
Can you offer any advice when it comes to finding a Newbury conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Newbury conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Newbury conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- Can they put you in touch with client in Newbury who can give a testimonial?
Do you have any advice for leasehold conveyancing in Newbury from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Newbury can be bypassed where you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers lawyers.
- The majority landlords or managing agents in Newbury charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Newbury.
What makes a Newbury lease unmortgageable?
Leasehold conveyancing in Newbury is not unique. All leases are unique and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Barnsley Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.
I am the registered owner of a studio flat in Newbury, conveyancing having been completed 3 years ago. 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? Corresponding flats in Newbury with over 90 years remaining are worth £176,000. The ground rent is £55 charged once a year. The lease finishes on 21st October 2100
With 79 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.