Newton Abbot leasehold conveyancing: Q and A’s
My fiance and I may need to rent out our Newton Abbot garden flat for a while due to a new job. We used a Newton Abbot conveyancing firm in 2002 but they have closed and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?
Your lease governs relations between the freeholder and you the leaseholder; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Newton Abbot do not contain subletting altogether – such a provision would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
Due to complete next month on a basement flat in Newton Abbot. Conveyancing lawyers inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Newton Abbot should include some of the following:
- You should receive a copy of the lease
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Newton Abbot. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
Most houses in Newton Abbot are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Newton Abbot in which case you should be shopping around for a Newton Abbot conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will report to you on the legal implications.
I own a leasehold house in Newton Abbot. Conveyancing and Skipton Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Newton Abbot who acted for me is not around.Do I pay?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Newton Abbot conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two apartments in Newton Abbot which have in the region of forty five years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Newton Abbot is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most 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 Newton Abbot 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 any new 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.
I invested in buying a 2 bed flat in Newton Abbot, conveyancing was carried out 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Newton Abbot with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease runs out on 21st October 2102
You have 77 years left to run we estimate the price of your lease extension to range between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use this information 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 move forward placing reliance on this information without first seeking the advice of a professional.
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