Questions and Answers: Ramsey leasehold conveyancing
I am in need of some leasehold conveyancing in Ramsey. Before I get started I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Ramsey - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am intending to sublet my leasehold apartment in Ramsey. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Even though your previous Ramsey conveyancing solicitor is no longer available you can check your lease to check if it allows you to sublet the premises. The accepted inference is that if the deeds are non-specific, subletting is allowed. There may be a precondition that you are obliged to seek permission from your landlord or other appropriate person prior to subletting. The net result is that you cannot sublet in the absence of first obtaining permission. Such consent must not not be unreasonably turned down. If your lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.
I am looking at a couple of maisonettes in Ramsey both have about 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease decreases and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this field
I am a negotiator for a long established estate agency in Ramsey where we see a number of leasehold sales jeopardised as a result of short leases. I have been given inconsistent advice from local Ramsey conveyancing solicitors. Please can you confirm whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
Completion in due on the disposal of our £350000 apartment in Ramsey next week. The freeholder has quoted £312 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Ramsey?
For most leasehold sales in Ramsey conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-exchange questions
- Where consent is required before sale in Ramsey
- 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 am the registered owner of a split level flat in Ramsey, conveyancing having been completed 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Ramsey with an extended lease are worth £247,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ends on 21st October 2079
With just 55 years remaining on your lease we estimate the premium for your lease extension to range between £30,400 and £35,200 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt 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 without first seeking the advice of a professional.