Common questions relating to Warfield leasehold conveyancing
Harry (my fiance) and I may need to let out our Warfield basement flat for a while due to a new job. We instructed a Warfield conveyancing firm in 2003 but they have since shut and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Warfield do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience suggests 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 have just appointed agents to market my 2 bed apartment in Warfield.Conveyancing has not commenced but I have just received a half-yearly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is discharge 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 am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Warfield. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
The majority of houses in Warfield are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Warfield in which case you should be shopping around for a Warfield conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your solicitor should advise you fully on all the issues.
I am tempted by the attractive purchase price for a couple of apartments in Warfield which have about 50 years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Warfield is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most buyers and banks, leases with less than eighty 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 property 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 premises 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 Warfield 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.
Can you provide any top tips for leasehold conveyancing in Warfield with the purpose of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Warfield can be reduced if you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers representatives.
- Many freeholders or Management Companies in Warfield charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Warfield.
I inherited a 1 bedroom flat in Warfield, conveyancing formalities finalised in 2002. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Warfield with over 90 years remaining are worth £233,000. The ground rent is £50 per annum. The lease expires on 21st October 2100
You have 79 years remaining on your lease the likely cost is going to range between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.