Questions and Answers: Newcastle upon Tyne leasehold conveyancing
I am in need of some leasehold conveyancing in Newcastle upon Tyne. Before diving in I want to be sure as to the unexpired term of the lease.
If the lease is registered - and almost all are in Newcastle upon Tyne - 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 want to sublet my leasehold apartment in Newcastle upon Tyne. 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 previous Newcastle upon Tyne conveyancing solicitor is no longer available you can review your lease to see if it allows you to sublet the premises. The accepted inference is that if the lease is silent, 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. This means that you cannot sublet without prior permission. Such consent is not allowed to be unreasonably refused ore delayed. If the lease prohibits you from letting out the property you will need to ask your landlord if they are willing to waive this restriction.
Do you have any advice for leasehold conveyancing in Newcastle upon Tyne from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Newcastle upon Tyne can be avoided if you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers.
- Many freeholders or Management Companies in Newcastle upon Tyne levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Newcastle upon Tyne.
All being well we will complete our sale of a £400000 flat in Newcastle upon Tyne in nine days. The freeholder has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Newcastle upon Tyne?
For the majority of leasehold sales in Newcastle upon Tyne conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in Newcastle upon Tyne
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Newcastle upon Tyne lease defective?
There is nothing unique about leasehold conveyancing in Newcastle upon Tyne. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the property
- A duty to insure the building
- 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 primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Norwich and Peterborough Building Society, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
I acquired a 1st floor flat in Newcastle upon Tyne, conveyancing formalities finalised 1997. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Newcastle upon Tyne with an extended lease are worth £169,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2078
With 53 years remaining on your lease the likely cost is going to range between £32,300 and £37,400 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
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