Top Five Questions relating to Trowbridge Estate leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Trowbridge Estate. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Trowbridge Estate - 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 wife and I may need to rent out our Trowbridge Estate ground floor flat for a while due to a new job. We used a Trowbridge Estate conveyancing firm in 2004 but they have since shut and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
Some leases for properties in Trowbridge Estate do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience dictates 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 consent.
I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Trowbridge Estate. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
The majority of houses in Trowbridge Estate are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Trowbridge Estate in which case you should be looking for a Trowbridge Estate conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your solicitor will appraise you on the various issues.
I am attracted to a two flats in Trowbridge Estate which have in the region of 50 years remaining on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this field
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £225000 maisonette in Trowbridge Estate on Wednesday in a week. The freeholder has quoted £384 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Trowbridge Estate?
Trowbridge Estate conveyancing on leasehold apartments usually requires the purchaser’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions the majority will be content to do so. They are at liberty invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it is above £800. The administration charge required by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, otherwise the invoice is not strictly payable. In reality you have no option but to pay whatever is demanded if you want to exchange contracts with the buyer.
I acquired a ground floor flat in Trowbridge Estate, conveyancing formalities finalised in 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Trowbridge Estate with an extended lease are worth £192,000. The ground rent is £60 invoiced every year. The lease finishes on 21st October 2090
With just 67 years left to run the likely cost is going to be between £12,400 and £14,200 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional 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 placing reliance on this information without first getting professional advice.