Questions and Answers: Tintagel leasehold conveyancing
Jane (my partner) and I may need to let out our Tintagel ground floor flat temporarily due to a new job. We used a Tintagel conveyancing practice in 2002 but they have closed 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?
A small minority of properties in Tintagel do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience suggests 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’m about to sell my ground floor flat in Tintagel.Conveyancing is yet to be initiated but I have just had a yearly service charge invoice – Do I pay up?
The sensible thing to do is discharge the invoice 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.
I've found a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Tintagel. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Tintagel ?
The majority of houses in Tintagel are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Tintagel so you should seriously consider shopping around for a Tintagel conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should report to you on the legal implications.
I am looking at a two apartments in Tintagel which have in the region of forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Tintagel is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most buyers and mortgage companies, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Tintagel conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
If all goes to plan we aim to complete the sale of our £250000 maisonette in Tintagel next week. The freeholder has quoted £336 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Tintagel?
Tintagel conveyancing on leasehold maisonettes normally requires the buyer’s conveyancer submitting enquiries for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be willing to do so. They are entitled invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some situations it is above £800. The administration charge required by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, otherwise the charge is technically not due. In reality one has no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
Tintagel Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
The prefered form of lease structure is a share of the freehold. In this situation the tenants have control and although a managing agent is frequently employed if it is larger than a house conversion, the managing agent acts for the leaseholders themselves.
The answer will be important as a) areas can result in problems for the block as the communal areas may begin to deteriorate where repairs remain unpaid b) if the tenants have an issue with the running of the building you will need to have full disclosure
The majority of Tintagel leasehold apartments will have a service charge for maintenance of the block set on behalf of the landlord. Should you purchase the flat you will have to meet this contribution, usually in instalments during the year. This can differ from two or three hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent for you to pay annual, normally this is not a significant figure, say around £50-£100 but you should to check as occasionally it could be surprisingly expensive.