Trimdon leasehold conveyancing Example Support Desk Enquiries
Having had my offer accepted I require leasehold conveyancing in Trimdon. Before diving in I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Trimdon - then the leasehold title will always include the basic details 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 Trimdon ground floor flat temporarily due to a career opportunity. We instructed a Trimdon conveyancing practice in 2001 but they have since shut and we did not think at the time get any guidance as to whether the lease allows us to sublet. How do we find out?
Even though your previous Trimdon conveyancing solicitor is not available you can check your lease to check if you are permitted to let out the apartment. The rule is that if the lease is silent, subletting is allowed. There may be a precondition that you must obtain consent via your landlord or other appropriate person before subletting. This means that you cannot sublet without first obtaining consent. Such consent is not allowed to be unreasonably refused ore delayed. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I only have Seventy years unexpired on my lease in Trimdon. I am keen to extend my lease but my freeholder is missing. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to prove that you have made all reasonable attempts to find the lessor. On the whole a specialist should be helpful to conduct investigations and prepare an expert document to be used as evidence that the landlord can not be located. It is advisable to get professional help from a solicitor both on devolving into the landlord’s absence and the application to the County Court overseeing Trimdon.
Estate agents have just been given the go-ahead to market my 2 bed apartment in Trimdon.Conveyancing has not commenced but I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is clear 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 managing agents 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. This will smooth the conveyancing process.
I am attracted to a couple of flats in Trimdon both have approximately forty five years unexpired on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Trimdon is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less attractive. 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 a residence 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 Trimdon 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.
I bought a leasehold flat in Trimdon, conveyancing was carried out in 1996. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Trimdon with an extended lease are worth £169,000. The ground rent is £60 yearly. The lease finishes on 21st October 2093
With 71 years remaining on your lease the likely cost is going to span between £11,400 and £13,200 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.