Top Five Questions relating to Peterlee leasehold conveyancing
I want to sublet my leasehold apartment in Peterlee. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Your lease governs the relationship between the freeholder and you the flat owner; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Peterlee do not prevent strict prohibition on subletting – such a provision would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
Due to complete next month on a garden flat in Peterlee. Conveyancing lawyers have said that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Peterlee should include some of the following:
- You should be sent a copy of the lease
I've recently bought a leasehold house in Peterlee. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
Can you provide any advice for leasehold conveyancing in Peterlee from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Peterlee can be bypassed if you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the buyers solicitors.
- The majority freeholders or Management Companies in Peterlee levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Peterlee.
What are the frequently found deficiencies that you witness in leases for Peterlee properties?
There is nothing unique about leasehold conveyancing in Peterlee. Most leases are unique and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Norwich and Peterborough Building Society, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I inherited a leasehold flat in Peterlee, conveyancing formalities finalised in 2010. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Peterlee with an extended lease are worth £203,000. The ground rent is £55 per annum. The lease runs out on 21st October 2086
With 65 years unexpired we estimate the premium for your lease extension to range between £15,200 and £17,600 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do 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. You should not take any other action based on this information before getting professional advice.