Examples of recent questions relating to leasehold conveyancing in Thornaby
My fiance and I may need to sub-let our Thornaby ground floor flat temporarily due to taking a sabbatical. We used a Thornaby conveyancing firm in 2003 but they have closed and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
Notwithstanding that your last Thornaby conveyancing lawyer is not around you can check your lease to check if it allows you to sublet the apartment. The rule is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you must obtain consent from your landlord or some other party before subletting. The net result is you not allowed to sublet without prior consent. The consent should not be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
Estate agents have just been given the go-ahead to market my basement apartment in Thornaby.Conveyancing is yet to be initiated but I have just had a quarterly service charge invoice – Do I pay up?
The sensible thing to do is discharge 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 management companies will not acknowledge the buyer until 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. Having a clear account will assist your cause and will leave you no worse off financially.
My wife and I purchased a leasehold flat in Thornaby. Conveyancing and Platform Home Loans Ltd mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Thornaby who acted for me is not around.Do I pay?
First make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Thornaby conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Last month I purchased a leasehold property in Thornaby. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am employed by a reputable estate agency in Thornaby where we see a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Thornaby conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can start the lease extension process for the buyer?
Provided that 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. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible 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 purchaser.
I acquired a 1 bedroom flat in Thornaby, conveyancing having been completed 1996. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Thornaby with a long lease are worth £180,000. The average or mid-range amount of ground rent is £45 per annum. The lease comes to an end on 21st October 2091
With just 65 years unexpired we estimate the premium for your lease extension to be between £11,400 and £13,200 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.