Sedbergh leasehold conveyancing: Q and A’s
I would like to let out my leasehold flat in Sedbergh. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Even though your last Sedbergh conveyancing lawyer is no longer available you can review your lease to check 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 need to seek permission from your landlord or some other party in advance of subletting. This means that you cannot sublet without first obtaining permission. Such consent must not not be unreasonably turned down. If the lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.
Having checked my lease I have discovered that there are only Seventy years left on my flat in Sedbergh. I now want to get lease extension but my freeholder is missing. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to track down the lessor. On the whole an enquiry agent should be helpful to conduct investigations and prepare an expert document to be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court covering Sedbergh.
I have just appointed agents to market my garden flat in Sedbergh.Conveyancing has not commenced but I have just received a yearly maintenance charge invoice – Do I pay up?
It best that you clear 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.
Back In 2001, I bought a leasehold flat in Sedbergh. Conveyancing and Bank of Ireland mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Sedbergh who previously acted has now retired.Any advice?
First make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Sedbergh conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of maisonettes in Sedbergh both have about 50 years remaining on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Sedbergh is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most purchasers and banks, leases with less than eighty years become less and less attractive. On a more upbeat 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 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 Sedbergh conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 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.
I own a leasehold flat in Sedbergh, conveyancing formalities finalised in 2009. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Sedbergh with a long lease are worth £262,000. The ground rent is £60 invoiced every year. The lease terminates on 21st October 2093
With 73 years remaining on your lease we estimate the premium for your lease extension to span between £11,400 and £13,200 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.