Frequently asked questions relating to Royton leasehold conveyancing
I wish to sublet my leasehold apartment in Royton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Even though your previous Royton conveyancing lawyer is not around you can check your lease to see if you are permitted to let out the premises. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you need to seek consent from your landlord or some other party prior to subletting. The net result is you not allowed to sublet in the absence of prior permission. The consent must not not be unreasonably withheld. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
Looking forward to exchange soon on a ground floor flat in Royton. Conveyancing lawyers have said that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Royton should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
- Ground rent - how much and when you need to pay, and also know whether this is subject to change
- Repair and maintenance of the flat
- The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
- Responsibility for repairing the window frames
- What the implications are if you breach a clause of your lease?
I am employed by a long established estate agency in Royton where we have experienced a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Royton conveyancing solicitors. Can you clarify whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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 can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
Do you have any top tips for leasehold conveyancing in Royton from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Royton can be bypassed where you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers conveyancers.
- Many landlords or managing agents in Royton charge for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Royton.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Royton state that internal structural changes or installing wooden flooring necessitate a licence from the Landlord approving such alterations. If you fail to have the paperwork in place you should not communicate with the landlord without checking with your conveyancer before hand.
- A minority of Royton leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (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 solicitors.
- You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your solicitors. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
All being well we will complete the disposal of our £ 200000 maisonette in Royton in seven days. The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Royton?
Royton conveyancing on leasehold apartments usually requires the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to assist. They are entitled charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some transactions it exceeds £800. The administration charge levied by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, without which the charge is technically not due. Reality however dictates that one has little option but to pay whatever is requested of you should you wish to complete the sale of your home.
I bought a 1 bedroom flat in Royton, conveyancing having been completed 7 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Royton with over 90 years remaining are worth £166,000. The ground rent is £65 per annum. The lease ends on 21st October 2103
With only 77 years remaining on your lease we estimate the price of your lease extension to be between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.