Sample questions relating to Rednal leasehold conveyancing
I am on look out for some leasehold conveyancing in Rednal. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Rednal - then the leasehold title will always include the basic details 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.
Helen (my wife) and I may need to let out our Rednal ground floor flat temporarily due to a new job. We instructed a Rednal conveyancing practice in 2004 but they have closed and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?
The lease dictates the relationship between the freeholder and you the flat owner; specifically, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Rednal do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I have recently realised that I have 68 years unexpired on my lease in Rednal. I need to extend my lease but my freeholder is absent. What options are available to me?
If you meet the appropriate requirements, 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. You will be obliged to prove that you or your lawyers have used your best endeavours to track down the lessor. In some cases a specialist would be useful to conduct investigations and to produce an expert document which can be used as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Rednal.
I've found a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Rednal. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Rednal ?
The majority of houses in Rednal are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Rednal so you should seriously consider looking for a Rednal conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your solicitor will appraise you on the various issues.
I work for a busy estate agent office in Rednal where we have witnessed a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Rednal conveyancing solicitors. Can you clarify whether the owner of a flat can start 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. The benefit of this is that the buyer can avoid having 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 disposal of the property.
An alternative approach is 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.
I purchased a garden flat in Rednal, conveyancing having been completed 2000. Can you work out an approximate cost of a lease extension? Corresponding flats in Rednal with a long lease are worth £213,000. The ground rent is £60 yearly. The lease terminates on 21st October 2086
With just 65 years remaining on your lease we estimate the premium for your lease extension to span between £13,300 and £15,400 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
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