Questions and Answers: Pyle leasehold conveyancing
My partner and I may need to rent out our Pyle ground floor flat temporarily due to a career opportunity. We used a Pyle conveyancing practice in 2003 but they have closed and we did not think at the time get any guidance as to whether the lease allows us to sublet. How do we find out?
A small minority of properties in Pyle do contain a provision to say that subletting is only allowed with permission. 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 permission.
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 more attractive. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Pyle. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Pyle ?
The majority of houses in Pyle are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Pyle in which case you should be looking for a Pyle conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer should report to you on the legal implications.
I am tempted by the attractive purchase price for a two apartments in Pyle which have in the region of forty five years unexpired on the leases. Do I need to be concerned?
A lease is a right to use the premises for a period of time. As the lease shortens the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area
What advice can you give us when it comes to finding a Pyle conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Pyle conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Pyle 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 of use:
- If they are not ALEP accredited then why not?
Can you provide any advice for leasehold conveyancing in Pyle from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Pyle can be reduced if you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Pyle state that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord approving such alterations. Where you fail to have the consents to hand you should not communicate with the landlord without contacting your lawyer in advance.
I invested in buying a basement flat in Pyle, conveyancing was carried out 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Pyle with over 90 years remaining are worth £240,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease finishes on 21st October 2085
You have 64 years unexpired the likely cost is going to span between £18,100 and £20,800 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.