Examples of recent questions relating to leasehold conveyancing in Parson Cross
I am in need of some leasehold conveyancing in Parson Cross. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is registered - and almost all are in Parson Cross - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Jane (my partner) and I may need to rent out our Parson Cross basement flat temporarily due to taking a sabbatical. We used a Parson Cross conveyancing practice in 2004 but they have since shut and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your previous Parson Cross conveyancing solicitor is not available you can review your lease to check if it allows you to sublet the apartment. The rule is that if the lease is non-specific, subletting is permitted. There may be a precondition that you need to obtain permission via your landlord or some other party before subletting. The net result is you not allowed to sublet without prior permission. The consent must not not be unreasonably turned down. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Parson Cross. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Parson Cross ?
The majority of houses in Parson Cross are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Parson Cross so you should seriously consider looking for a Parson Cross conveyancing practitioner and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will appraise you on the various issues.
I am looking at a two flats in Parson Cross both have approximately fifty years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Parson Cross is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of purchasers and banks, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 a residence 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 Parson Cross 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 the agreed 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.
Completion in due on our sale of a £475000 flat in Parson Cross in six days. The freeholder has quoted £312 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Parson Cross?
Parson Cross conveyancing on leasehold maisonettes often involves the buyer’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions the majority will be willing to do so. They are at liberty levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge required by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, without which the charge is not strictly payable. In reality one has no choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
I purchased a 1 bedroom flat in Parson Cross, conveyancing formalities finalised 4 years ago. How much will my lease extension cost? Similar flats in Parson Cross with a long lease are worth £242,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ceases on 21st October 2087
With only 62 years left to run we estimate the premium for your lease extension to range between £20,900 and £24,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account 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 getting professional advice.
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