Sample questions relating to Sea Mills leasehold conveyancing
I am on look out for some leasehold conveyancing in Sea Mills. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Sea Mills - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
My husband and I may need to sub-let our Sea Mills 1st floor flat temporarily due to taking a sabbatical. We used a Sea Mills conveyancing practice in 2004 but they have since shut and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
A small minority of properties in Sea Mills do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I am attracted to a two apartments in Sea Mills which have in the region of forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this field
Can you offer any advice when it comes to choosing a Sea Mills conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Sea Mills conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Sea Mills conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the firm with lease extension legislation?
We expect to complete our sale of a £225000 maisonette in Sea Mills next Friday . The management company has quoted £372 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Sea Mills?
Sea Mills conveyancing on leasehold apartments more often than not requires the purchaser’s solicitor submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries the majority will be willing to do so. They may 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 paperwork that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, without which the charge is not strictly payable. In reality you have little option but to pay whatever is demanded should you wish to complete the sale of your home.
I own a 1 bedroom flat in Sea Mills, conveyancing having been completed 1998. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Sea Mills with a long lease are worth £245,000. The ground rent is £55 levied per year. The lease finishes on 21st October 2090
With only 69 years left to run we estimate the price of your lease extension to range between £13,300 and £15,400 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.