Recently asked questions relating to Shirehampton leasehold conveyancing
I would like to rent out my leasehold apartment in Shirehampton. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Notwithstanding that your last Shirehampton conveyancing lawyer is no longer available you can check your lease to see if it allows you to sublet the property. The rule is that if the deeds are silent, subletting is permitted. There may be a precondition that you need to seek consent via your landlord or other appropriate person in advance of subletting. The net result is that you cannot sublet without first obtaining permission. The consent should not be unreasonably refused ore delayed. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I have just appointed agents to market my 2 bed apartment in Shirehampton.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge demand – what should I do?
The sensible thing to do is pay the service charge 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 managing agents will not acknowledge the buyer until 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.
I own a leasehold flat in Shirehampton. Conveyancing and Britannia mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Shirehampton who previously acted has now retired.Do I pay?
First contact HMLR to be sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Shirehampton conveyancing firm to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a two flats in Shirehampton both have in the region of 50 years remaining on the leases. should I be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the value of the lease decreases and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area
What are the frequently found problems that you come across in leases for Shirehampton properties?
There is nothing unique about leasehold conveyancing in Shirehampton. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Chelsea Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.
I bought a 1st floor flat in Shirehampton, conveyancing was carried out 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Shirehampton with an extended lease are worth £170,000. The ground rent is £55 charged once a year. The lease finishes on 21st October 2077
With just 55 years remaining on your lease we estimate the price of your lease extension to span between £25,700 and £29,600 plus 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 a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.