Frequently asked questions relating to Ranmoor leasehold conveyancing
Frank (my husband) and I may need to rent out our Ranmoor ground floor flat for a while due to taking a sabbatical. We instructed a Ranmoor conveyancing practice in 2003 but they have closed and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Your lease dictates relations between the landlord and you the flat owner; specifically, it will set out if subletting is banned, 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. Most leases in Ranmoor do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Ranmoor. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Ranmoor ?
The majority of houses in Ranmoor are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Ranmoor in which case you should be shopping around for a Ranmoor conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer should advise you fully on all the issues.
I work for a busy estate agent office in Ranmoor where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Ranmoor conveyancing firms. Could you shed some light as to whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as 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 to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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 purchaser.
Do you have any top tips for leasehold conveyancing in Ranmoor from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Ranmoor can be avoided where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Ranmoor state that internal structural changes or installing wooden flooring require a licence from the Landlord approving such alterations. If you fail to have the consents in place you should not communicate with the landlord without checking with your lawyer before hand.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £200000 maisonette in Ranmoor in 10 days. The freeholder has quoted £324 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Ranmoor?
Ranmoor conveyancing on leasehold maisonettes normally necessitates administration charges levied by managing agents :
- Completing pre-exchange enquiries
- Where consent is required before sale in Ranmoor
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I inherited a split level flat in Ranmoor, conveyancing was carried out 2008. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Ranmoor with an extended lease are worth £245,000. The average or mid-range amount of ground rent is £45 per annum. The lease ceases on 21st October 2081
You have 56 years left to run we estimate the price of your lease extension to range between £33,300 and £38,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
Other Topics