Questions and Answers: Silverton leasehold conveyancing
My wife and I may need to sub-let our Silverton ground floor flat for a while due to a new job. We instructed a Silverton conveyancing practice in 2004 but they have since shut and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?
The lease governs the relationship between the landlord and you the leaseholder; in particular, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Silverton do not prevent subletting altogether – such a provision would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I have just appointed agents to market my garden apartment in Silverton.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge invoice – what should I do?
It best that you clear 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 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. Having a clear account will assist your cause and will leave you no worse off financially.
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Silverton. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Silverton are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Silverton in which case you should be looking for a Silverton conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your lawyer will report to you on the legal implications.
Can you provide any advice for leasehold conveyancing in Silverton from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Silverton can be bypassed if you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
- If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Silverton state that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Should you dont have the approvals to hand do not communicate with the landlord without contacting your solicitor before hand.
Are there frequently found deficiencies that you witness in leases for Silverton properties?
There is nothing unique about leasehold conveyancing in Silverton. All leases is drafted differently and drafting errors can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Barnsley Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.
I invested in buying a 1st floor flat in Silverton, conveyancing formalities finalised half a dozen 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? Corresponding properties in Silverton with over 90 years remaining are worth £191,000. The ground rent is £65 yearly. The lease finishes on 21st October 2093
With 73 years remaining on your lease the likely cost is going to span between £11,400 and £13,200 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.