Frequently asked questions relating to Royton leasehold conveyancing
I wish to rent out my leasehold flat in Royton. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
The lease governs relations between the freeholder and you the leaseholder; specifically, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Royton do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I own a leasehold house in Royton. Conveyancing and Virgin Money mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Royton who acted for me is not around.Any advice?
First make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Royton conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a two maisonettes in Royton both have about fifty years unexpired on the lease term. should I be concerned?
A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area
Do you have any top tips for leasehold conveyancing in Royton from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Royton can be bypassed where you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation needed by the buyers conveyancers.
- If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Royton leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord consenting to such changes. If you fail to have the approvals to hand do not communicate with the landlord without contacting your conveyancer in advance.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £450000 flat in Royton in nine days. The landlords agents has quoted £312 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Royton?
For most leasehold sales in Royton conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Royton
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I own a 2 bed flat in Royton, conveyancing formalities finalised 1996. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Royton with a long lease are worth £198,000. The ground rent is £50 invoiced annually. The lease terminates on 21st October 2080
With 55 years unexpired we estimate the price of your lease extension to be between £29,500 and £34,000 plus costs.
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 may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
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