Top Five Questions relating to Old Windsor leasehold conveyancing
Frank (my husband) and I may need to let out our Old Windsor garden flat for a while due to taking a sabbatical. We used a Old Windsor conveyancing practice in 2004 but they have closed and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?
Notwithstanding that your previous Old Windsor conveyancing lawyer is no longer available you can check your lease to check if you are permitted to let out the apartment. The accepted inference is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you need to obtain consent from your landlord or some other party in advance of subletting. The net result is that you cannot sublet in the absence of prior permission. Such consent is not allowed to be unreasonably withheld. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
There are only 72 years remaining on my lease in Old Windsor. I now wish to extend my lease but my landlord is missing. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you have done all that could be expected to locate the landlord. On the whole a specialist should be useful to try and locate and prepare a report to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court covering Old Windsor.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Old Windsor. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Old Windsor ?
The majority of houses in Old Windsor are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Old Windsor in which case you should be shopping around for a Old Windsor conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission 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 lawyer will report to you on the legal implications.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £250000 garden flat in Old Windsor in seven days. The management company has quoted £408 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Old Windsor?
Old Windsor conveyancing on leasehold maisonettes typically results in administration charges raised by landlords agents :
- Completing pre-exchange questions
- Where consent is required before sale in Old Windsor
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Old Windsor lease problematic?
There is nothing unique about leasehold conveyancing in Old Windsor. All leases is drafted differently and drafting errors can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts 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
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Virgin Money, and Aldermore all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
I bought a 2 bed flat in Old Windsor, conveyancing was carried out in 2001. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Old Windsor with a long lease are worth £197,000. The ground rent is £50 charged once a year. The lease comes to an end on 21st October 2082
With just 57 years remaining on your lease the likely cost is going to span between £26,600 and £30,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you 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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