Frequently asked questions relating to Prestwich leasehold conveyancing
My partner and I may need to sub-let our Prestwich 1st floor flat temporarily due to taking a sabbatical. We instructed a Prestwich conveyancing firm in 2001 but they have closed and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
The lease governs the relationship between the landlord and you the flat owner; in particular, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Prestwich do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I have recently realised that I have 68 years remaining on my flat in Prestwich. I am keen to get lease extension but my freeholder is absent. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to prove that you or your lawyers have made all reasonable attempts to locate the landlord. On the whole a specialist should be useful to conduct investigations and to produce an expert document which can be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the application to the County Court covering Prestwich.
I am attracted to a two apartments in Prestwich both have approximately fifty years remaining on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena
I am a negotiator for a reputable estate agency in Prestwich where we see a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Prestwich conveyancing solicitors. Could you clarify whether the seller of a flat can start the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
We expect to complete the sale of our £475000 garden flat in Prestwich on Monday in a week. The managing agents has quoted £384 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Prestwich?
Prestwich conveyancing on leasehold flats more often than not involves the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to do so. They are at liberty levy a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it is in excess of £800. The administration charge levied by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, otherwise the invoice is technically not due. Reality however dictates that you have no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I bought a basement flat in Prestwich, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Corresponding properties in Prestwich with over 90 years remaining are worth £170,000. The ground rent is £60 levied per year. The lease terminates on 21st October 2088
With 66 years remaining on your lease we estimate the premium for your lease extension to range between £13,300 and £15,400 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
Other Topics