Examples of recent questions relating to leasehold conveyancing in Rye
My fiance and I may need to let out our Rye garden flat temporarily due to a career opportunity. We used a Rye conveyancing practice in 2004 but they have since shut and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your previous Rye conveyancing solicitor is no longer available you can check your lease to check if you are permitted to let out the premises. The accepted inference is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you need to seek permission via your landlord or some other party before subletting. This means you not allowed to sublet without first obtaining consent. Such consent should not be unreasonably refused ore delayed. If the lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.
I have just started marketing my 2 bed flat in Rye.Conveyancing has not commenced but I have just received a half-yearly maintenance charge demand – Do I pay up?
It best that you pay 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 unless 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. This will smooth the conveyancing process.
Last month I purchased a leasehold flat in Rye. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am a negotiator for a reputable estate agency in Rye where we have witnessed a few flat sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Rye conveyancing solicitors. Please can you confirm whether the owner of a flat can initiate the lease extension process for the buyer?
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 proposed purchaser 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 has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
Can you offer any advice when it comes to choosing a Rye conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Rye conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Rye conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- How familiar is the firm with lease extension legislation?
- What are the legal fees for lease extension conveyancing?
I acquired a basement flat in Rye, conveyancing was carried out 8 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 Rye with over 90 years remaining are worth £190,000. The ground rent is £60 yearly. The lease terminates on 21st October 2092
You have 66 years left to run the likely cost is going to range between £14,300 and £16,400 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account 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.