Top Five Questions relating to Pangbourne leasehold conveyancing
My wife and I may need to rent out our Pangbourne ground floor flat temporarily due to a career opportunity. We used a Pangbourne conveyancing firm in 2002 but they have closed and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
Your lease governs the relationship between the freeholder and you the leaseholder; in particular, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Pangbourne do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
Expecting to complete next month on a ground floor flat in Pangbourne. Conveyancing lawyers assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Pangbourne should include some of the following:
- Are pets allowed in the flat?
I have just appointed agents to market my garden flat in Pangbourne.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am looking at a two maisonettes in Pangbourne which have approximately fifty years left on the leases. should I be concerned?
There are plenty of short leases in Pangbourne. The 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 deteriorate and results in it becoming more expensive to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £175000 maisonette in Pangbourne in just under a week. The freeholder has quoted £324 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Pangbourne?
For most leasehold sales in Pangbourne conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Pangbourne
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the registered owner of a leasehold flat in Pangbourne, conveyancing was carried out 2011. Can you work out an approximate cost of a lease extension? Similar flats in Pangbourne with an extended lease are worth £221,000. The ground rent is £65 levied per year. The lease expires on 21st October 2096
With just 71 years left to run the likely cost is going to span between £9,500 and £11,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
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