Sample questions relating to Whitland leasehold conveyancing
I am intending to sublet my leasehold apartment in Whitland. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A small minority of properties in Whitland do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience dictates 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.
Due to complete next month on a leasehold property in Whitland. Conveyancing solicitors have said that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Whitland should include some of the following:
- Are you allowed to have a pet in the flat?
I am attracted to a couple of apartments in Whitland both have approximately fifty years remaining on the lease term. should I be concerned?
There are plenty of short leases in Whitland. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field
I am a negotiator for a reputable estate agent office in Whitland where we have experienced a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Whitland conveyancing solicitors. Could you shed some light as to whether the owner of a flat can initiate the lease extension process for the buyer?
As long as the seller has been the owner 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. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible 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 purchaser.
All being well we will complete our sale of a £425000 garden flat in Whitland next week. The management company has quoted £360 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Whitland?
Whitland conveyancing on leasehold flats normally involves the purchaser’s solicitor sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions most 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 information that you are referring to is £350, in some transactions it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the charge is technically not due. Reality however dictates that you have little option but to pay whatever is demanded should you wish to sell the property.
I inherited a 1 bedroom flat in Whitland, conveyancing having been completed in 2002. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Whitland with a long lease are worth £184,000. The average or mid-range amount of ground rent is £65 yearly. The lease runs out on 21st October 2076
With just 55 years left to run the likely cost is going to be between £28,500 and £33,000 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.