Recently asked questions relating to Redland leasehold conveyancing
I am intending to sublet my leasehold flat in Redland. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Notwithstanding that your last Redland conveyancing solicitor is not around you can check your lease to check if you are permitted to let out the apartment. The accepted inference is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you need to seek consent via your landlord or some other party in advance of subletting. The net result is you not allowed to sublet in the absence of prior permission. Such consent should not be unreasonably turned down. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
There are only Fifty years unexpired on my flat in Redland. I now wish to extend my lease but my freeholder is absent. What are my options?
If you qualify, 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 lengthened by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the lessor. For most situations an enquiry agent would be helpful to try and locate and to produce a report to be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Redland.
Estate agents have just been given the go-ahead to market my 2 bed flat in Redland.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge demand – 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 am tempted by the attractive purchase price for a couple of flats in Redland both have approximately 50 years left on the leases. should I be concerned?
There are no two ways about it. A leasehold flat in Redland is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Redland conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What advice can you give us when it comes to choosing a Redland conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Redland conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Redland conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- If they are not ALEP accredited then what is the reason?
Leasehold Conveyancing in Redland - Examples of Queries Prior to buying
Many Redland leasehold apartments will have a service bill for the upkeep of the block set by the freeholder. Where you purchase the apartment you will have to pay this liability, usually quarterly during the year. This could vary from several hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a ground rent to be met annual, this is usually not a large sum, say about £50-£100 but you should to check it because sometimes it can be prohibitively expensive.
Does the lease have onerous restrictions?
The best form of lease structure is where the freehold interest is owned by the leaseholders. In this situation the tenants have control and even though a managing agent is frequently employed if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.