Top Five Questions relating to Westcliff On Sea leasehold conveyancing
I am in need of some leasehold conveyancing in Westcliff On Sea. Before I set the wheels in motion I would like to find out the remaining lease term.
If the lease is registered - and almost all are in Westcliff On Sea - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I wish to sublet my leasehold apartment in Westcliff On Sea. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
A lease dictates relations between the freeholder and you the leaseholder; specifically, it will set out if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Westcliff On Sea do not contain strict prohibition on subletting – such a clause would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
Looking forward to exchange soon on a ground floor flat in Westcliff On Sea. Conveyancing lawyers have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Westcliff On Sea should include some of the following:
- You should receive a copy of the lease
I am attracted to a two apartments in Westcliff On Sea which have about fifty years unexpired on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this field
I am a negotiator for a busy estate agency in Westcliff On Sea where we have witnessed a few flat sales jeopardised due to short leases. I have been given conflicting advice from local Westcliff On Sea conveyancing firms. Could you shed some light as to whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer 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 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.
I acquired a split level flat in Westcliff On Sea, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Westcliff On Sea with over 90 years remaining are worth £220,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2080
You have 58 years remaining on your lease we estimate the price of your lease extension to range between £24,700 and £28,600 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.