Sample questions relating to Saltash leasehold conveyancing
Jane (my partner) and I may need to sub-let our Saltash 1st floor flat for a while due to a new job. We used a Saltash conveyancing firm in 2004 but they have since shut and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your last Saltash conveyancing lawyer is no longer available you can review your lease to see if you are permitted to let out the apartment. The accepted inference is that if the deeds are silent, subletting is permitted. There may be a precondition that you are obliged to obtain consent via your landlord or other appropriate person in advance of subletting. The net result is you not allowed to sublet without first obtaining permission. The consent should not be unreasonably turned down. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I've found a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Saltash. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Saltash are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Saltash so you should seriously consider shopping around for a Saltash conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I am looking at a two flats in Saltash which have in the region of 50 years unexpired on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Saltash is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Saltash conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What are your top tips when it comes to choosing a Saltash conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Saltash conveyancing practice) it is imperative 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 Saltash conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How familiar is the practice with lease extension legislation?
We expect to complete the sale of our £450000 apartment in Saltash in just under a week. The freeholder has quoted £420 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Saltash?
Saltash conveyancing on leasehold maisonettes often requires the buyer’s solicitor submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions the majority will be content to do so. They are at liberty invoice a reasonable administration fee for answering questions 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 cases it is above £800. The management information fee demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, otherwise the invoice is technically not due. Reality however dictates that you have no option but to pay whatever is demanded if you want to sell the property.
Saltash Leasehold Conveyancing - Sample of Queries Prior to Purchasing
It would be sensible to discover as much as you can regarding the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to day to day matters like the tidiness of the communal areas. Enquire of prospective neighbours what they think of them. In conclusion, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and specifically what it includes.
Make sure you enquire if there are any onerous restrictions in the lease. By way of example it is reasonably common in Saltash leases that pets are not allowed in certain buildings in Saltash. If you like the flatin Saltash however your dog can’t make the move with you then you have a very hard choice.
It is important to be aware if changing the roof or some other significant cost is coming up to be shared between the leaseholders and may well dramatically increase the the maintenance fees or result in a specific payment.