Experts for Leasehold Conveyancing in Whittlesey

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Top Five Questions relating to Whittlesey leasehold conveyancing

I wish to sublet my leasehold apartment in Whittlesey. 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 last Whittlesey conveyancing solicitor is no longer around you can review your lease to see if you are permitted to let out the apartment. The rule is that if the lease is silent, subletting is allowed. There may be a precondition that you must seek consent from your landlord or some other party in advance of subletting. The net result is you not allowed to sublet without first obtaining permission. Such consent must not not be unreasonably withheld. If your lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.

Due to complete next month on a basement flat in Whittlesey. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Whittlesey should include some of the following:

  • Does the lease prevent you from renting out the property, or having a home office for business
  • You must be told what counts as a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • You should have a good understanding of the insurance provisions
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Whittlesey please ask your lawyer in ahead of your conveyancing in Whittlesey

    • I own a leasehold flat in Whittlesey. Conveyancing and Aldermore mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Whittlesey who previously acted has long since retired.Any advice?

    First contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Whittlesey conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    I am tempted by the attractive purchase price for a two apartments in Whittlesey which have in the region of forty five years remaining on the leases. Will this present a problem?

    There are plenty of short leases in Whittlesey. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area

    What makes a Whittlesey lease problematic?

    There is nothing unique about leasehold conveyancing in Whittlesey. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • 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

    You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, The Mortgage Works, and Barclays Direct 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 provide security, obliging the buyer to pull out.

    I acquired a 2 bed flat in Whittlesey, conveyancing formalities finalised 5 years ago. How much will my lease extension cost? Similar properties in Whittlesey with over 90 years remaining are worth £267,000. The ground rent is £45 levied per year. The lease terminates on 21st October 2073

    With just 50 years remaining on your lease we estimate the premium for your lease extension to span between £34,200 and £39,600 as well as professional fees.

    The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.

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    Lease Extensions in Whittlesey