Sample questions relating to Poundbury leasehold conveyancing
I wish to rent out my leasehold flat in Poundbury. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Your lease dictates relations between the landlord and you the leaseholder; in particular, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Poundbury do not contain strict prohibition on subletting – such a clause would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
Looking forward to exchange soon on a ground floor flat in Poundbury. Conveyancing solicitors inform me that they will have a report out to me tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Poundbury should include some of the following:
- You should be sent a copy of the lease
I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Poundbury. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Poundbury ?
Most houses in Poundbury are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Poundbury so you should seriously consider shopping around for a Poundbury conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer will advise you fully on all the issues.
Do you have any top tips for leasehold conveyancing in Poundbury from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Poundbury can be avoided where you instruct lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
- Many freeholders or managing agents in Poundbury charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Poundbury.
We expect to complete our sale of a £125000 flat in Poundbury on Monday in a week. The landlords agents has quoted £300 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Poundbury?
Poundbury conveyancing on leasehold maisonettes usually involves administration charges levied by freeholders :
- Completing pre-exchange questions
- Where consent is required before sale in Poundbury
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I acquired a studio flat in Poundbury, conveyancing formalities finalised 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Poundbury with over 90 years remaining are worth £183,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease expires on 21st October 2092
With 72 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.