Peterborough leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Peterborough. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Peterborough - 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.
I want to rent out my leasehold apartment in Peterborough. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A small minority of properties in Peterborough 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 consent.
Having checked my lease I have discovered that there are only Sixty One years left on my lease in Peterborough. I now wish to get lease extension but my landlord is absent. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to track down the landlord. In some cases an enquiry agent would be helpful to carry out a search and to produce a report to be used as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the application to the County Court overseeing Peterborough.
I’m about to sell my ground floor flat in Peterborough.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I've found a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Peterborough. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
The majority of houses in Peterborough are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Peterborough in which case you should be looking for a Peterborough conveyancing solicitor and check that they have experience in transacting 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 freeholder’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your solicitor will advise you fully on all the issues.
I inherited a ground floor flat in Peterborough, conveyancing was carried out in 2007. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Peterborough with a long lease are worth £188,000. The ground rent is £45 levied per year. The lease ends on 21st October 2091
With just 69 years unexpired we estimate the price of your lease extension to range between £11,400 and £13,200 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed 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 should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.