Experts for Leasehold Conveyancing in Raunds

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Common questions relating to Raunds leasehold conveyancing

My partner and I may need to rent out our Raunds garden flat for a while due to a new job. We used a Raunds conveyancing firm in 2003 but they have since shut and we did not have the foresight to get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

Your lease dictates relations between the freeholder and you the flat owner; specifically, it will indicate 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. Most leases in Raunds do not prevent subletting altogether – such a provision would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

Looking forward to complete next month on a ground floor flat in Raunds. Conveyancing solicitors assured me that they will have a report out to me next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Raunds should include some of the following:

  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • Responsibility for repairing the window frames
  • What options are open to you if a neighbour is in violation of a provision in their lease? For details of the information to be included in your report on your leasehold property in Raunds please ask your lawyer in advance of your conveyancing in Raunds

    • I’m about to sell my basement flat in Raunds.Conveyancing has not commenced but I have just received a yearly maintenance charge demand – should I leave it to the buyer to sort out?

    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 unless 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 am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it more attractive. I have subsequently found out 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 Raunds. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Raunds ?

    Most houses in Raunds are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Raunds so you should seriously consider shopping around for a Raunds conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer should appraise you on the various issues.

    Do you have any advice for leasehold conveyancing in Raunds from the perspective of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Raunds can be reduced where you get in touch lawyers the minute you market your property and ask them to put together the leasehold information needed by the purchasers’ lawyers.
    • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Raunds state that internal structural alterations or laying down wooden flooring require a licence from the Landlord acquiescing to such alterations. If you fail to have the approvals to hand do not communicate with the landlord without checking with your conveyancer in the first instance.
  • A minority of Raunds leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you hold a share in a the freehold, you should make sure that you hold the original share document. Organising a re-issued share certificate is often a time consuming process and delays many a Raunds conveyancing deal. Where a duplicate share is required, do contact the company director and secretary or managing agents (where applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years left on your lease but you should double-check via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 80 years. In the circumstances it is important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I purchased a leasehold flat in Raunds, conveyancing formalities finalised 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Raunds with over 90 years remaining are worth £196,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2104

    You have 79 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 plus professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Raunds