Recently asked questions relating to Whimple leasehold conveyancing
I want to let out my leasehold apartment in Whimple. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Notwithstanding that your previous Whimple conveyancing solicitor is not available you can check your lease to check if you are permitted to let out the apartment. The accepted inference is that if the lease is non-specific, subletting is allowed. There may be a precondition that you need to seek consent via your landlord or other appropriate person prior to subletting. The net result is that you cannot sublet in the absence of prior consent. The consent should not be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
Planning to complete next month on a leasehold property in Whimple. Conveyancing solicitors assured me that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Whimple should include some of the following:
- Are pets allowed in the flat?
I own a leasehold house in Whimple. Conveyancing and National Westminster Bank mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Whimple who acted for me is not around.What should I do?
First make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Whimple conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am a negotiator for a long established estate agent office in Whimple where we have witnessed a few flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Whimple conveyancing firms. Can you confirm whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner 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 can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
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.
In relation to leasehold conveyancing in Whimple what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Whimple. Most leases is drafted differently and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, The Royal Bank of Scotland, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.
I bought a basement flat in Whimple, conveyancing having been completed 2007. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Whimple with over 90 years remaining are worth £188,000. The ground rent is £45 levied per year. The lease terminates on 21st October 2089
With just 69 years left to run we estimate the premium for your lease extension to range between £11,400 and £13,200 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.