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Top Five Questions relating to North Ferriby leasehold conveyancing

My partner and I may need to sub-let our North Ferriby 1st floor flat for a while due to taking a sabbatical. We instructed a North Ferriby conveyancing practice in 2004 but they have closed and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?

The lease governs the relationship between the landlord and you the leaseholder; specifically, it will set out if subletting is not allowed, 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. Most leases in North Ferriby do not prevent subletting altogether – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.

I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in North Ferriby. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in North Ferriby ?

Most houses in North Ferriby are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in North Ferriby so you should seriously consider looking for a North Ferriby conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer will report to you on the legal implications.

I own a leasehold house in North Ferriby. Conveyancing and Coventry Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in North Ferriby who previously acted has long since retired.Do I pay?

First make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a North Ferriby conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I've recently bought a leasehold flat in North Ferriby. Do I have any liability for service charges for periods before completion of my purchase?

In a situation 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 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 provide any advice for leasehold conveyancing in North Ferriby from the point of view of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in North Ferriby can be bypassed if you get in touch lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers representatives.
  • Many freeholders or Management Companies in North Ferriby charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in North Ferriby.
  • Some North Ferriby leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than unresolved.
  • You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. In the circumstances it is essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I acquired a studio flat in North Ferriby, conveyancing was carried out 1997. Can you work out an approximate cost of a lease extension? Corresponding properties in North Ferriby with over 90 years remaining are worth £227,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease ends on 21st October 2081

    You have 59 years unexpired the likely cost is going to be between £24,700 and £28,600 plus costs.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to 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.

    Other Topics

    Lease Extensions in North Ferriby