Questions and Answers: Thornhill leasehold conveyancing
I am on look out for some leasehold conveyancing in Thornhill. Before I get started I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and most are in Thornhill - 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.
My fiance and I may need to rent out our Thornhill 1st floor flat temporarily due to taking a sabbatical. We used a Thornhill conveyancing practice in 2003 but they have closed and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your last Thornhill conveyancing lawyer is not available you can check your lease to check if it allows you to sublet the premises. The rule is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you must obtain permission via your landlord or some other party before subletting. This means you not allowed to sublet without first obtaining consent. Such consent is not allowed to be unreasonably refused ore delayed. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I am tempted by the attractive purchase price for a two apartments in Thornhill which have approximately fifty years remaining on the lease term. Will this present a problem?
A lease is a right to use the property for a period of time. As a lease gets shorter the marketability of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena
Can you provide any advice for leasehold conveyancing in Thornhill from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Thornhill can be reduced if 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.
- The majority freeholders or Management Companies in Thornhill charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Thornhill.
If all goes to plan we aim to complete our sale of a £225000 flat in Thornhill on Wednesday in a week. The management company has quoted £408 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Thornhill?
For most leasehold sales in Thornhill conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence enquiries
- Where consent is required before sale in Thornhill
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I acquired a split level flat in Thornhill, conveyancing having been completed in 1999. Can you work out an approximate cost of a lease extension? Corresponding flats in Thornhill with an extended lease are worth £238,000. The ground rent is £65 levied per year. The lease terminates on 21st October 2081
With just 60 years left to run we estimate the price of your lease extension to be between £23,800 and £27,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.