Common questions relating to Sedbergh leasehold conveyancing
I am in need of some leasehold conveyancing in Sedbergh. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Sedbergh - then the leasehold title will always include the basic details 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.
Jane (my partner) and I may need to rent out our Sedbergh garden flat for a while due to a new job. We instructed a Sedbergh conveyancing firm in 2001 but they have closed and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?
A lease governs relations between the freeholder and you the leaseholder; specifically, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Sedbergh do not prevent subletting altogether – such a provision would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
Expecting to exchange soon on a studio apartment in Sedbergh. Conveyancing lawyers inform me that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Sedbergh should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
I am employed by a busy estate agency in Sedbergh where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Sedbergh conveyancing solicitors. Could you clarify whether the seller of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Can you offer any advice when it comes to appointing a Sedbergh conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Sedbergh conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Sedbergh conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How experienced is the practice with lease extension legislation?
I acquired a leasehold flat in Sedbergh, conveyancing was carried out 6 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Sedbergh with a long lease are worth £186,000. The ground rent is £50 yearly. The lease ends on 21st October 2092
You have 69 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.