Top Five Questions relating to South Brent leasehold conveyancing
I wish to rent out my leasehold apartment in South Brent. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Your lease dictates the relationship between the landlord and you the flat owner; in particular, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in South Brent do not contain subletting altogether – such a clause would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
Having checked my lease I have discovered that there are only Fifty years left on my flat in South Brent. I now wish to extend my lease but my freeholder is missing. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to prove that you have made all reasonable attempts to find the lessor. On the whole a specialist may be useful to carry out a search and prepare an expert document which can be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court covering South Brent.
I am tempted by the attractive purchase price for a two apartments in South Brent both have approximately fifty years remaining on the lease term. Will this present a problem?
There are plenty of short leases in South Brent. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this field
I work for a long established estate agency in South Brent where we have witnessed a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local South Brent conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the buyer?
As long as 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 wait 2 years for a lease extension. 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 extend the lease informally by agreement with the landlord 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 provide any advice for leasehold conveyancing in South Brent from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in South Brent can be reduced if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives.
- The majority landlords or Management Companies in South Brent levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in South Brent.
I invested in buying a leasehold flat in South Brent, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in South Brent with over 90 years remaining are worth £253,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease runs out on 21st October 2086
You have 65 years left to run the likely cost is going to span between £15,200 and £17,600 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.