Examples of recent questions relating to leasehold conveyancing in Peacehaven
Having had my offer accepted I require leasehold conveyancing in Peacehaven. 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 Peacehaven - 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.
Frank (my husband) and I may need to sub-let our Peacehaven 1st floor flat for a while due to a career opportunity. We used a Peacehaven conveyancing firm in 2001 but they have closed and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?
Some leases for properties in Peacehaven do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I today plan to offer on a house that seems to be perfect, at a great figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Peacehaven. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Peacehaven ?
Most houses in Peacehaven are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Peacehaven in which case you should be shopping around for a Peacehaven conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.
I am attracted to a couple of maisonettes in Peacehaven both have in the region of 50 years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Peacehaven is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. For most buyers 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 premises 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 Peacehaven 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 any new 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.
Can you provide any advice for leasehold conveyancing in Peacehaven from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Peacehaven can be bypassed where you get in touch lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers lawyers.
- Many freeholders or Management Companies in Peacehaven levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Peacehaven.
I invested in buying a ground floor flat in Peacehaven, conveyancing having been completed in 2010. How much will my lease extension cost? Similar flats in Peacehaven with a long lease are worth £237,000. The ground rent is £45 invoiced every year. The lease ceases on 21st October 2102
With 79 years left to run the likely cost is going to span between £9,500 and £11,000 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.