Sample questions relating to Umberleigh leasehold conveyancing
My wife and I may need to sub-let our Umberleigh 1st floor flat for a while due to a new job. We instructed a Umberleigh conveyancing practice in 2001 but they have closed and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
Even though your previous Umberleigh conveyancing lawyer is no longer available you can check your lease to see if you are permitted to let out the premises. The accepted inference is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you must seek consent from your landlord or some other party before subletting. This means you not allowed to sublet without prior consent. Such consent should not be unreasonably refused ore delayed. If your lease prohibits you from letting out the property you will need to ask your landlord if they are willing to waive this restriction.
There are only Fifty years remaining on my flat in Umberleigh. I now wish to extend my lease but my freeholder is can not be found. What options are available to me?
On the basis that 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 enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the lessor. In some cases a specialist would be helpful to try and locate and prepare an expert document to be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s absence and the application to the County Court covering Umberleigh.
Planning to exchange soon on a garden flat in Umberleigh. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Umberleigh should include some of the following:
- Ground rent - how much and when you need to pay, and also know whether this will change in the future
I am a negotiator for a long established estate agency in Umberleigh where we have witnessed a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Umberleigh conveyancing firms. Can you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
Do you have any top tips for leasehold conveyancing in Umberleigh with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Umberleigh can be bypassed where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ lawyers.
- If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you laid down wooden flooring? Umberleigh leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord approving such works. Should you fail to have the paperwork to hand you should not contact the landlord without contacting your lawyer in the first instance.
I purchased a studio flat in Umberleigh, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Umberleigh with over 90 years remaining are worth £262,000. The ground rent is £45 invoiced every year. The lease runs out on 21st October 2071
You have 50 years unexpired we estimate the price of your lease extension to span between £34,200 and £39,600 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.