Questions and Answers: Winchelsea leasehold conveyancing
I would like to let out my leasehold apartment in Winchelsea. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
The lease dictates relations between the landlord and you the leaseholder; in particular, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Winchelsea do not contain subletting altogether – such a provision would adversely affect the market value the property. In most cases there is a basic 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 Winchelsea. Conveyancing lawyers inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Winchelsea should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
I am a negotiator for a reputable estate agent office in Winchelsea where we see a number of leasehold sales derailed as a result of short leases. I have been given inconsistent advice from local Winchelsea conveyancing firms. Could you clarify whether the vendor of a flat can instigate the lease extension process for the buyer?
Provided that 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. This means 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 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 purchaser.
Can you offer any advice when it comes to appointing a Winchelsea conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Winchelsea conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Winchelsea conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- If they are not ALEP accredited then why not?
We expect to complete the disposal of our £250000 garden flat in Winchelsea next week. The management company has quoted £348 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Winchelsea?
For most leasehold sales in Winchelsea conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-contract enquiries
- Where consent is required before sale in Winchelsea
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I purchased a 2 bed flat in Winchelsea, conveyancing having been completed in 2005. How much will my lease extension cost? Equivalent flats in Winchelsea with a long lease are worth £240,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ceases on 21st October 2081
You have 55 years unexpired the likely cost is going to range between £25,700 and £29,600 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
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