Frequently asked questions relating to Wallasey leasehold conveyancing
My husband and I may need to sub-let our Wallasey 1st floor flat for a while due to a career opportunity. We instructed a Wallasey conveyancing firm in 2001 but they have since shut and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?
Your lease dictates the relationship between the freeholder and you the flat owner; in particular, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Wallasey do not prevent subletting altogether – such a clause would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I have just appointed agents to market my garden apartment in Wallasey.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge invoice – Do I pay up?
The sensible thing to do is clear the invoice 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 management companies will not acknowledge the buyer unless 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. Having a clear account will assist your cause and will leave you no worse off financially.
I've recently bought a leasehold property in Wallasey. Am I liable to pay service charges relating to a period prior to my ownership?
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).
Do you have any advice for leasehold conveyancing in Wallasey with the aim of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Wallasey can be bypassed if you get in touch lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers solicitors.
- The majority landlords or managing agents in Wallasey levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Wallasey.
- In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Wallasey leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such alterations. Should you fail to have the consents to hand you should not contact the landlord without contacting your solicitor before hand.
- If you have had any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be warry about purchasing a flat where a dispute is ongoing. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unresolved.
- You believe that you know the number of years remaining on your lease but it would be wise to double-check via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to where the lease term is below 75 years. In the circumstances it is important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
All being well we will complete the sale of our £ 475000 maisonette in Wallasey in just under a week. The management company has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Wallasey?
Wallasey conveyancing on leasehold maisonettes more often than not requires the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be content to assist. They may charge a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, otherwise the invoice is technically not due. Reality however dictates that one has little option but to pay whatever is demanded if you want to complete the sale of your home.
I am the registered owner of a leasehold flat in Wallasey, conveyancing was carried out 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Wallasey with an extended lease are worth £252,000. The ground rent is £50 invoiced every year. The lease terminates on 21st October 2091
With 65 years unexpired the likely cost is going to range between £13,300 and £15,400 plus 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 without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.