Examples of recent questions relating to leasehold conveyancing in Perry Barr
Having had my offer accepted I require leasehold conveyancing in Perry Barr. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Perry Barr - 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.
My wife and I may need to sub-let our Perry Barr 1st floor flat temporarily due to a career opportunity. We instructed a Perry Barr conveyancing practice in 2001 but they have closed and we did not have the foresight to get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
The lease governs the relationship between the freeholder and you the flat owner; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Perry Barr do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Perry Barr. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Perry Barr are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Perry Barr so you should seriously consider shopping around for a Perry Barr conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I've recently bought a leasehold flat in Perry Barr. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Do you have any advice for leasehold conveyancing in Perry Barr from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Perry Barr can be reduced if you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information needed by the buyers solicitors.
- Many landlords or Management Companies in Perry Barr levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Perry Barr.
I acquired a 2 bed flat in Perry Barr, conveyancing having been completed in 2010. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Perry Barr with a long lease are worth £212,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ends on 21st October 2076
With just 54 years remaining on your lease we estimate the premium for your lease extension to span between £29,500 and £34,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.