Experts for Leasehold Conveyancing in Rednal

While any conveyancing practice can theoretically deal with your leasehold conveyancing in Rednal, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Rednal leasehold conveyancing

My husband and I may need to sub-let our Rednal basement flat temporarily due to taking a sabbatical. We instructed a Rednal conveyancing firm in 2002 but they have since shut and we did not think at the time get any guidance as to whether the lease allows us to sublet. How do we find out?

A small minority of properties in Rednal do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience suggests 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 am looking at a two maisonettes in Rednal which have approximately fifty years remaining on the leases. Do I need to be concerned?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease reduces and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this arena

I work for a reputable estate agency in Rednal where we see a number of leasehold sales put at risk due to short leases. I have been given inconsistent advice from local Rednal conveyancing firms. Please can you confirm whether the seller of a flat can instigate 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 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 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 purchaser.

All being well we will complete our sale of a £150000 maisonette in Rednal on Wednesday in a week. The landlords agents has quoted £360 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Rednal?

Rednal conveyancing on leasehold flats often involves the purchaser’s conveyancer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be content to assist. They may invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some transactions it exceeds £800. The management information fee demanded by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration charges, otherwise the invoice is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded if you want to complete the sale of your home.

In relation to leasehold conveyancing in Rednal what are the most common lease defects?

There is nothing unique about leasehold conveyancing in Rednal. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

  • A provision to repair to or maintain elements of the property
  • A duty to insure the building
  • A provision for the recovery of money spent for the benefit of another party.
  • Service charge per centages that don't add up correctly leaving a shortfall

You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Barnsley Building Society, and Godiva Mortgages Ltd all have very detailed 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 grant the mortgage, forcing the purchaser to pull out.

I own a 1st floor flat in Rednal, conveyancing was carried out in 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Rednal with a long lease are worth £233,000. The ground rent is £60 levied per year. The lease comes to an end on 21st October 2085

With 63 years unexpired we estimate the price of your lease extension to range between £19,000 and £22,000 plus legals.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.

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Lease Extensions in Rednal