Guaranteed fixed fees for Leasehold Conveyancing in Peterborough

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Examples of recent questions relating to leasehold conveyancing in Peterborough

My wife and I may need to rent out our Peterborough ground floor flat temporarily due to a career opportunity. We used a Peterborough conveyancing practice in 2003 but they have since shut and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?

The lease dictates relations between the landlord and you the flat owner; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Peterborough do not prevent subletting altogether – such a provision would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

Due to complete next month on a basement flat in Peterborough. Conveyancing solicitors have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Peterborough should include some of the following:

  • The total extent of the property. This will be the property itself but may include a loft or basement if appropriate.
  • Defining your legal entitlements in respect of the communal areas in the block.By way of example, does the lease provide for a right of way over an accessway or staircase?
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Whether the lease restricts you from renting out the flat, or having a home office for business
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Responsibility for repairing the window frames For details of the information to be included in your report on your leasehold property in Peterborough please enquire of your solicitor in ahead of your conveyancing in Peterborough

    • My wife and I purchased a leasehold house in Peterborough. Conveyancing and Skipton Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Peterborough who previously acted has now retired.What should I do?

    First contact HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Peterborough conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    Do you have any advice for leasehold conveyancing in Peterborough with the aim of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Peterborough can be reduced if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ representatives.
    • The majority freeholders or managing agents in Peterborough levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Peterborough.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example installed wooden flooring? Peterborough leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord approving such alterations. Should you fail to have the paperwork in place you should not contact the landlord without contacting your conveyancer in the first instance.
  • Some Peterborough leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • You may think that you are aware of the number of years left on your lease but you should verify this via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 75 years. It is therefore essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • We expect to complete the disposal of our £250000 apartment in Peterborough in six days. The management company has quoted £324 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Peterborough?

    Peterborough conveyancing on leasehold flats normally requires the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions the majority will be content to do so. They are at liberty charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, otherwise the invoice is not strictly payable. In reality you have little choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.

    I invested in buying a leasehold flat in Peterborough, conveyancing having been completed 7 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Peterborough with over 90 years remaining are worth £259,000. The ground rent is £60 per annum. The lease terminates on 21st October 2080

    With just 55 years left to run we estimate the price of your lease extension to span between £28,500 and £33,000 plus plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues 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 based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Peterborough