Southport leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Southport. Before diving in I want to be sure as to the remaining lease term.
If the lease is registered - and almost all are in Southport - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I would like to sublet my leasehold apartment in Southport. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A lease governs the relationship between the landlord and you the flat owner; specifically, it will indicate if subletting is prohibited, 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 Southport do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I have just appointed agents to market my basement flat in Southport.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?
It best that you 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 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. This will smooth the conveyancing process.
Can you provide any advice for leasehold conveyancing in Southport with the intention of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Southport can be avoided where you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold information needed by the purchasers’ solicitors.
- If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Southport state that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord acquiescing to such changes. If you fail to have the paperwork in place you should not communicate with the landlord without checking with your solicitor first.
In relation to leasehold conveyancing in Southport what are the most frequent lease problems?
Leasehold conveyancing in Southport is not unique. All leases are individual and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- 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
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , The Royal Bank of Scotland, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.
I inherited a split level flat in Southport, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Southport with an extended lease are worth £191,000. The ground rent is £45 invoiced annually. The lease ceases on 21st October 2086
With only 64 years unexpired we estimate the premium for your lease extension to range between £15,200 and £17,600 plus professional fees.
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 in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues 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.