Frequently asked questions relating to Twyford leasehold conveyancing
I am intending to sublet my leasehold apartment in Twyford. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
A small minority of properties in Twyford do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to review 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've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Twyford. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Twyford ?
The majority of houses in Twyford are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Twyford so you should seriously consider shopping around for a Twyford conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your lawyer should advise you fully on all the issues.
I am a negotiator for a reputable estate agent office in Twyford where we have experienced a few flat sales derailed as a result of short leases. I have received inconsistent advice from local Twyford conveyancing firms. Can you confirm whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
What advice can you give us when it comes to finding a Twyford conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Twyford conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Twyford conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- If they are not ALEP accredited then why not?
Can you provide any top tips for leasehold conveyancing in Twyford with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Twyford can be avoided where you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold information needed by the buyers solicitors.
- If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Twyford state that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. If you dont have the paperwork in place you should not communicate with the landlord without checking with your lawyer first.
I bought a 1 bedroom flat in Twyford, conveyancing having been completed 3 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Twyford with over 90 years remaining are worth £240,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease ends on 21st October 2101
You have 78 years unexpired the likely cost is going to span between £8,600 and £9,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.