Sample questions relating to Wollaton leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Wollaton. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Wollaton - 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 let out my leasehold apartment in Wollaton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Even though your last Wollaton conveyancing lawyer is not around you can review your lease to see if it allows you to sublet the apartment. The rule is that if the deeds are silent, subletting is allowed. There may be a precondition that you need to obtain consent via your landlord or some other party prior to subletting. The net result is that you cannot sublet in the absence of first obtaining consent. The consent is not allowed to be unreasonably withheld. If the lease does not allow you to sublet you should ask your landlord for their consent.
I am tempted by the attractive purchase price for a two maisonettes in Wollaton both have about fifty years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Wollaton is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of purchasers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Wollaton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am employed by a reputable estate agency in Wollaton where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Wollaton conveyancing solicitors. Can you confirm whether the vendor of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has owned the lease 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 buyer 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 before, or simultaneously with completion of the disposal of the property.
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.
If all goes to plan we aim to complete the sale of our £500000 apartment in Wollaton in just under a week. The landlords agents has quoted £348 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Wollaton?
Wollaton conveyancing on leasehold flats nine out of ten times results in administration charges raised by management companies :
- Answering pre-contract enquiries
- Where consent is required before sale in Wollaton
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the registered owner of a ground floor flat in Wollaton, conveyancing formalities finalised in 2001. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Wollaton with over 90 years remaining are worth £252,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease terminates on 21st October 2095
With 70 years left to run we estimate the premium for your lease extension to range between £12,400 and £14,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered 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.
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