Shillington leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Shillington. Before diving in I require certainty as to the number of years remaining on the lease.
If the lease is registered - and almost all are in Shillington - 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.
I want to rent out my leasehold apartment in Shillington. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A small minority of properties in Shillington 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 suggests 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.
Looking forward to complete next month on a garden flat in Shillington. Conveyancing lawyers have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Shillington should include some of the following:
- You should receive a copy of the lease
I am looking at a couple of maisonettes in Shillington which have about 50 years unexpired on the lease term. Do I need to be concerned?
There are plenty of short leases in Shillington. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the value of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena
I work for a long established estate agency in Shillington where we have experienced a number of leasehold sales derailed due to short leases. I have been given contradictory information from local Shillington conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 purchaser.
I bought a 2 bed flat in Shillington, conveyancing having been completed in 1997. How much will my lease extension cost? Similar properties in Shillington with an extended lease are worth £215,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ends on 21st October 2081
With only 60 years remaining on your lease the likely cost is going to be between £23,800 and £27,400 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.