Sawston leasehold conveyancing: Q and A’s
I am intending to sublet my leasehold flat in Sawston. 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 last Sawston conveyancing lawyer is no longer around you can review your lease to see if it allows you to sublet the premises. The rule is that if the lease is silent, subletting is allowed. There may be a precondition that you are obliged to seek consent from your landlord or other appropriate person in advance of subletting. The net result is you not allowed to sublet in the absence of first obtaining permission. Such consent should not be unreasonably withheld. If the lease prohibits you from subletting the property you should ask your landlord for their consent.
I only have Fifty years unexpired on my flat in Sawston. I now want to get lease extension but my landlord is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to track down the lessor. For most situations an enquiry agent may be useful to try and locate and prepare a report which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on proving the landlord’s disappearance and the vesting order request to the County Court overseeing Sawston.
I have just appointed agents to market my 2 bed flat in Sawston.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge 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. Having a clear account will assist your cause and will leave you no worse off financially.
I today plan to offer on a house that appears to be perfect, at a great figure which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Sawston. Conveyancing advisers have are about to be instructed. Will they explain the issues?
The majority of houses in Sawston are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Sawston in which case you should be looking for a Sawston conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I am tempted by the attractive purchase price for a two maisonettes in Sawston which have approximately 50 years remaining on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Sawston is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and banks, leases with less than eighty years become less and less attractive. 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 premises 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 property 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 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.
I invested in buying a studio flat in Sawston, conveyancing having been completed 2001. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Sawston with a long lease are worth £245,000. The average or mid-range amount of ground rent is £60 yearly. The lease ceases on 21st October 2074
With 53 years remaining on your lease we estimate the premium for your lease extension to range between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.