Frequently asked questions relating to Portslade leasehold conveyancing
Harry (my fiance) and I may need to let out our Portslade garden flat temporarily due to a career opportunity. We instructed a Portslade conveyancing practice in 2002 but they have since shut and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?
Even though your previous Portslade conveyancing lawyer is no longer available you can review your lease to see if it allows you to sublet the apartment. The rule is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you must seek consent from your landlord or some other party before subletting. This means you not allowed to sublet without first obtaining permission. The consent is not allowed to be unreasonably withheld. If your lease prohibits you from subletting the property you will need to ask your landlord for their consent.
I own a leasehold house in Portslade. Conveyancing and Accord Mortgages Ltd mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Portslade who acted for me is not around.Do I pay?
First make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Portslade conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
What advice can you give us when it comes to choosing a Portslade conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Portslade conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Portslade 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:
- If they are not ALEP accredited then why not?
Can you provide any top tips for leasehold conveyancing in Portslade with the purpose of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Portslade can be bypassed where you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ lawyers.
- Many freeholders or managing agents in Portslade levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Portslade.
What makes a Portslade lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Portslade. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the property
- A duty to insure the building
- 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
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Chelsea Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
I bought a 1 bedroom flat in Portslade, conveyancing having been completed half a dozen years ago. 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? Similar properties in Portslade with an extended lease are worth £209,000. The ground rent is £60 invoiced every year. The lease ends on 21st October 2076
With only 56 years unexpired we estimate the price of your lease extension to range between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" 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 comprehensive due diligence. 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 taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.