Questions and Answers: South Woodham Ferrers leasehold conveyancing
I wish to let out my leasehold apartment in South Woodham Ferrers. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Your lease governs relations between the landlord and you the leaseholder; specifically, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in South Woodham Ferrers do not prevent an absolute prevention of subletting – such a clause would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
I today plan to offer on a house that seems to meet my requirements, at a great figure which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in South Woodham Ferrers. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
The majority of houses in South Woodham Ferrers are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in South Woodham Ferrers so you should seriously consider shopping around for a South Woodham Ferrers conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your solicitor will appraise you on the various issues.
I am a negotiator for a long established estate agency in South Woodham Ferrers where we see a few flat sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local South Woodham Ferrers conveyancing firms. Could you clarify whether the seller of a flat can start the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start 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 prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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.
Can you offer any advice when it comes to appointing a South Woodham Ferrers conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a South Woodham Ferrers conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non South Woodham Ferrers conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- If the firm is not ALEP accredited then what is the reason?
Do you have any top tips for leasehold conveyancing in South Woodham Ferrers from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in South Woodham Ferrers can be reduced if you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors.
- The majority landlords or managing agents in South Woodham Ferrers charge for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in South Woodham Ferrers.
I own a leasehold flat in South Woodham Ferrers, conveyancing having been completed 2007. 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? Equivalent flats in South Woodham Ferrers with a long lease are worth £262,000. The ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2092
With just 70 years left to run we estimate the premium for your lease extension to range between £11,400 and £13,200 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.