Questions and Answers: Woolacombe leasehold conveyancing
I am on look out for some leasehold conveyancing in Woolacombe. Before I get started I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Woolacombe - then the leasehold title will always include the basic details 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.
My husband and I may need to let out our Woolacombe basement flat temporarily due to a new job. We used a Woolacombe conveyancing firm in 2002 but they have since shut and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?
A small minority of properties in Woolacombe do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience suggests 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.
I only have Fifty years unexpired on my flat in Woolacombe. I now want to get lease extension but my landlord is absent. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to track down the freeholder. In some cases an enquiry agent should be helpful to carry out a search and prepare an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on devolving into the landlord’s absence and the application to the County Court covering Woolacombe.
I have just started marketing my basement flat in Woolacombe.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – what should I do?
The sensible thing to do is pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I work for a long established estate agent office in Woolacombe where we have witnessed a number of leasehold sales put at risk due to short leases. I have been given conflicting advice from local Woolacombe conveyancing solicitors. Could you shed some light as to whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
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 proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
I own a 1st floor flat in Woolacombe, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Woolacombe with an extended lease are worth £200,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease finishes on 21st October 2077
With only 54 years unexpired we estimate the price of your lease extension to be between £30,400 and £35,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.