Common questions relating to Quedgeley leasehold conveyancing
I am intending to let out my leasehold flat in Quedgeley. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Some leases for properties in Quedgeley do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates 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 consent.
I only have Seventy years unexpired on my flat in Quedgeley. I now wish to get lease extension but my landlord is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to track down the freeholder. For most situations an enquiry agent would be helpful to try and locate and to produce a report to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the vesting order request to the County Court overseeing Quedgeley.
I have just started marketing my garden apartment in Quedgeley.Conveyancing has not commenced but I have just received a yearly maintenance charge invoice – Do I pay up?
The sensible thing to do is discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I've recently bought a leasehold property in Quedgeley. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee 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).
What makes a Quedgeley lease problematic?
There is nothing unique about leasehold conveyancing in Quedgeley. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Coventry Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.
I bought a ground floor flat in Quedgeley, conveyancing formalities finalised 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Quedgeley with an extended lease are worth £258,000. The ground rent is £50 levied per year. The lease finishes on 21st October 2095
With 69 years left to run the likely cost is going to span between £11,400 and £13,200 plus costs.
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 comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.