Common questions relating to Perry Barr leasehold conveyancing
I wish to sublet my leasehold apartment in Perry Barr. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Even though your last Perry Barr conveyancing lawyer is not available you can review your lease to see if you are permitted to let out the premises. The rule is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you must seek consent from your landlord or some other party prior to subletting. This means that you cannot sublet without prior consent. Such consent must not not be unreasonably refused ore delayed. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Perry Barr. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Perry Barr ?
The majority of houses in Perry Barr 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. We note that you are purchasing in Perry Barr in which case you should be looking for a Perry Barr conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will appraise you on the various issues.
I am employed by a busy estate agent office in Perry Barr where we have experienced a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Perry Barr conveyancing firms. Could you confirm whether the owner of a flat can start the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Can you offer any advice when it comes to choosing a Perry Barr conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Perry Barr conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Perry Barr conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How experienced is the practice with lease extension legislation?
- What are the costs for lease extension conveyancing?
If all goes to plan we aim to complete our sale of a £ 475000 maisonette in Perry Barr in just under a week. The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Perry Barr?
Perry Barr conveyancing on leasehold flats usually necessitates the buyer’s conveyancer sending enquiries for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be content to assist. They may charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee required by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the invoice is technically not due. Reality however dictates that one has no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I inherited a studio flat in Perry Barr, conveyancing formalities finalised in 2006. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Perry Barr with an extended lease are worth £173,000. The ground rent is £55 yearly. The lease terminates on 21st October 2085
With only 59 years left to run the likely cost is going to span between £23,800 and £27,400 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.