Frequently asked questions relating to North Newbald leasehold conveyancing
I want to rent out my leasehold apartment in North Newbald. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Notwithstanding that your previous North Newbald conveyancing solicitor is no longer around you can check your lease to see if it allows you to sublet the apartment. The accepted inference is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you are obliged to seek consent via your landlord or other appropriate person before subletting. The net result is that you cannot sublet in the absence of prior permission. Such consent must not not be unreasonably refused ore delayed. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I am attracted to a couple of flats in North Newbald which have approximately forty five years left on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the saleability of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena
I am employed by a long established estate agent office in North Newbald where we have witnessed a few flat sales jeopardised as a result of short leases. I have been given inconsistent advice from local North Newbald conveyancing solicitors. Could you confirm whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Can you offer any advice when it comes to finding a North Newbald conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a North Newbald conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non North Newbald conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How familiar is the practice with lease extension legislation?
If all goes to plan we aim to complete the disposal of our £450000 maisonette in North Newbald next week. The management company has quoted £348 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in North Newbald?
North Newbald conveyancing on leasehold maisonettes normally requires the buyer’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to assist. They are at liberty levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee demanded by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, otherwise the invoice is not strictly payable. In reality you have little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
Leasehold Conveyancing in North Newbald - Examples of Questions you should consider before Purchasing
Make sure you discover if the the lease contains any adverse restrictions in the lease. For instance it is reasonably common in North Newbald leases that pets are not allowed in in a block in North Newbald. If you love the propertyin North Newbald yet your dog is not allowed to move with you then you have a very difficult decision.
Can you inform me if there are any major works anticipated that will add a premium to the maintenance costs?
The majority of North Newbald leasehold flats will incur a service charge for maintenance of the building set on behalf of the landlord. If you purchase the property you will have to meet this charge, usually periodically during the year. This may be anything from two or three hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. There will also be a ground rent to be met yearly, this is usually not a exorbitant figure, say around £25-£75 but you need to check as on occasion it can be many hundreds of pounds.