Common questions relating to Southport leasehold conveyancing
I am in need of some leasehold conveyancing in Southport. Before I get started I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% 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 want to let out my leasehold apartment in Southport. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
A small minority of properties in Southport do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Southport. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Southport ?
Most houses in Southport are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Southport in which case you should be shopping around for a Southport conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your lawyer should report to you on the legal implications.
I am employed by a reputable estate agency in Southport where we have experienced a few leasehold sales put at risk as a result of short leases. I have been given contradictory information from local Southport conveyancing firms. Please can you shed some light as to whether the vendor of a flat can start the lease extension process for the buyer?
Provided that the seller has owned the lease 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 proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
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.
All being well we will complete the disposal of our £475000 apartment in Southport on Monday in a week. The managing agents has quoted £384 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Southport?
Southport conveyancing on leasehold flats usually necessitates administration charges invoiced by freeholders :
- Completing pre-contract questions
- Where consent is required before sale in Southport
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I acquired a 1 bedroom flat in Southport, conveyancing was carried out 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Southport with a long lease are worth £197,000. The average or mid-range amount of ground rent is £50 levied per year. The lease comes to an end on 21st October 2099
With just 79 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed 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. Neither should you move forward placing reliance on this information before seeking the advice of a professional.