Frequently asked questions relating to Tavistock leasehold conveyancing
My partner and I may need to rent out our Tavistock ground floor flat temporarily due to a new job. We instructed a Tavistock conveyancing firm in 2002 but they have since shut and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Tavistock 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 permission.
I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Tavistock. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Tavistock ?
Most houses in Tavistock are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Tavistock in which case you should be shopping around for a Tavistock conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should appraise you on the various issues.
I work for a reputable estate agency in Tavistock where we see a few flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Tavistock conveyancing firms. Can you clarify whether the owner of a flat can commence 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 before, or at the same time as 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.
Can you offer any advice when it comes to appointing a Tavistock conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Tavistock conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Tavistock conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- How familiar is the practice with lease extension legislation?
In relation to leasehold conveyancing in Tavistock what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Tavistock. All leases is drafted differently and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- 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
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.
I own a 1st floor flat in Tavistock, conveyancing having been completed in 2000. How much will my lease extension cost? Corresponding properties in Tavistock with an extended lease are worth £265,000. The ground rent is £45 levied per year. The lease expires on 21st October 2089
With 63 years unexpired we estimate the premium for your lease extension to range between £17,100 and £19,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
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