Common questions relating to Shinfield leasehold conveyancing
Helen (my wife) and I may need to rent out our Shinfield basement flat temporarily due to a career opportunity. We used a Shinfield conveyancing firm in 2003 but they have since shut and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
Some leases for properties in Shinfield do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to 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.
Expecting to exchange soon on a ground floor flat in Shinfield. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Shinfield should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
- The total extent of the demise. This will be the flat itself but might incorporate a loft or basement if appropriate.
- Ground rent - how much and when you need to pay, and also know whether this will change in the future
- Whether your lease has a provision for a reserve fund?
- Repair and maintenance of the flat
- Changes to the flat (alterations and additions)
- I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
Back In 2001, I bought a leasehold flat in Shinfield. Conveyancing and Halifax mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Shinfield who acted for me is not around.What should I do?
First contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Shinfield conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two flats in Shinfield which have approximately 50 years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Shinfield is a deteriorating 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 property. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less marketable. 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 premises 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 Shinfield 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
Completion in due on the disposal of our £ 375000 garden flat in Shinfield next Wednesday . The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Shinfield?
Shinfield conveyancing on leasehold maisonettes often necessitates the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions the majority will be content to assist. They are at liberty charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some situations it exceeds £800. The administration charge levied by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, without which the invoice is technically not due. Reality however dictates that you have no option but to pay whatever is requested of you should you wish to sell the property.
I invested in buying a 1st floor flat in Shinfield, conveyancing was carried out 2001. How much will my lease extension cost? Comparable flats in Shinfield with over 90 years remaining are worth £210,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease ceases on 21st October 2104
You have 78 years unexpired we estimate the premium for your lease extension to span between £7,600 and £8,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.