Top Five Questions relating to Water Orton leasehold conveyancing
I am intending to let out my leasehold apartment in Water Orton. 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 Water Orton do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to see 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 permission.
I have recently realised that I have Seventy years left on my flat in Water Orton. I need to extend my lease but my freeholder is can not be found. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you have done all that could be expected to locate the landlord. For most situations a specialist should be helpful to try and locate and prepare a report to be used as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Water Orton.
I am a negotiator for a long established estate agent office in Water Orton where we have experienced a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Water Orton conveyancing solicitors. Can you clarify whether the seller of a flat can start 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
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.
Can you offer any advice when it comes to appointing a Water Orton conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Water Orton conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Water Orton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the practice with lease extension legislation?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £175000 apartment in Water Orton in seven days. The landlords agents has quoted £396 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Water Orton?
Water Orton conveyancing on leasehold flats normally necessitates the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer such questions the majority will be content to do so. They may invoice a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some situations it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, otherwise the invoice is technically not due. In reality one has little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
I am the registered owner of a leasehold flat in Water Orton, conveyancing formalities finalised in 2011. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Water Orton with an extended lease are worth £238,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease comes to an end on 21st October 2101
You have 75 years unexpired we estimate the premium for your lease extension to be between £10,500 and £12,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.
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