Sample questions relating to Sawston leasehold conveyancing
Harry (my fiance) and I may need to rent out our Sawston 1st floor flat for a while due to a new job. We instructed a Sawston conveyancing firm in 2003 but they have since shut and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your previous Sawston conveyancing solicitor is no longer available you can review your lease to see if it allows you to sublet the apartment. The rule is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you are obliged to obtain permission via your landlord or some other party before subletting. The net result is that you cannot sublet in the absence of first obtaining consent. The consent must not not be unreasonably turned down. If your lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.
My wife and I purchased a leasehold flat in Sawston. Conveyancing and Chelsea Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Sawston who previously acted has now retired.Any advice?
The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Sawston conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a two maisonettes in Sawston which have in the region of forty five years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Sawston is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of buyers and banks, 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 premises 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 Sawston 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.
Completion in due on our sale of a £475000 garden flat in Sawston next Friday . The managing agents has quoted £336 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Sawston?
Sawston conveyancing on leasehold apartments normally involves the purchaser’s solicitor sending enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions most will be content to assist. They are at liberty invoice a reasonable charge 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 situations it is above £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. Reality however dictates that you have little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
In relation to leasehold conveyancing in Sawston what are the most common lease problems?
Leasehold conveyancing in Sawston is not unique. Most leases are unique and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Virgin Money, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.
Leasehold Conveyancing in Sawston - A selection of Questions you should consider Prior to Purchasing
Please note if it is no more than eighty years it will impact the value of the flat. Check with your mortgage company that they are happy with remaining years on the lease. A short lease means that you will probably require a lease extension at some point and it is worth finding out how much this will be. Remember, in most cases you would need to own the property for two years before you are eligible to exercise a lease extension.
Are there any major works in the near future that could add a premium to the maintenance charges?
It is important to be aware if redecorating or some other major work is coming up that will be shared by the leaseholders and will dramatically impact the level of the service costs or result in a specific invoice.