Examples of recent questions relating to leasehold conveyancing in Trelogan
Having had my offer accepted I require leasehold conveyancing in Trelogan. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Trelogan - 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 am intending to sublet my leasehold flat in Trelogan. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Your lease dictates relations between the freeholder and you the flat owner; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Trelogan do not contain subletting altogether – such a provision would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I am looking at a two maisonettes in Trelogan both have approximately fifty years remaining on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Trelogan is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of purchasers and lenders, 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 premises 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 premises 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 Trelogan conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
Can you offer any advice when it comes to choosing a Trelogan conveyancing practice to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Trelogan conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Trelogan conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How familiar is the practice with lease extension legislation?
What makes a Trelogan lease problematic?
Leasehold conveyancing in Trelogan is not unique. Most leases is drafted differently and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- 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 as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Norwich and Peterborough Building Society, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.
I bought a basement flat in Trelogan, conveyancing formalities finalised 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Trelogan with an extended lease are worth £190,000. The ground rent is £45 per annum. The lease ends on 21st October 2074
With 53 years left to run we estimate the premium for your lease extension to span between £33,300 and £38,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.