Common questions relating to Twyford leasehold conveyancing
My husband and I may need to rent out our Twyford ground floor flat temporarily due to taking a sabbatical. We instructed a Twyford conveyancing practice in 2002 but they have since shut and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?
Notwithstanding that your previous Twyford conveyancing solicitor is not around you can review your lease to see if you are permitted to let out the property. The rule is that if the deeds are non-specific, subletting is allowed. There may be a precondition that you need to obtain consent from your landlord or other appropriate person before subletting. The net result is you not allowed to sublet in the absence of first obtaining consent. The consent should not be unreasonably turned down. If the lease prohibits you from letting out the property you will need to ask your landlord for their consent.
Back In 2008, I bought a leasehold house in Twyford. Conveyancing and Barclays Direct mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Twyford who acted for me is not around.What should I do?
The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the new freeholder. There is no need to instruct a Twyford conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of apartments in Twyford both have approximately forty five years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Twyford is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most purchasers and lenders, 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 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 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 Twyford 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 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.
Last month I purchased a leasehold property in Twyford. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What advice can you give us when it comes to appointing a Twyford conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Twyford conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Twyford conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- What volume of lease extensions have they conducted in Twyford in the last twenty four months?
I acquired a leasehold flat in Twyford, conveyancing formalities finalised 1995. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Twyford with a long lease are worth £257,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2083
With 62 years left to run we estimate the premium for your lease extension to span between £20,900 and £24,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.