Yarm On Tees leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Yarm On Tees. Before diving in I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Yarm On Tees - 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.
My fiance and I may need to let out our Yarm On Tees 1st floor flat temporarily due to taking a sabbatical. We used a Yarm On Tees conveyancing practice in 2002 but they have closed and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
A small minority of properties in Yarm On Tees do contain a provision to say that subletting is only allowed with permission. 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 consent.
I am attracted to a two maisonettes in Yarm On Tees which have about 50 years unexpired on the lease term. should I be concerned?
There are plenty of short leases in Yarm On Tees. The lease is a right to use the property for a period of time. As the lease gets shorter the saleability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this area
I work for a reputable estate agency in Yarm On Tees where we see a few leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Yarm On Tees conveyancing solicitors. Please can you confirm whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 has to be done before, or at the same time as 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 purchaser.
Can you offer any advice when it comes to finding a Yarm On Tees conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Yarm On Tees conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Yarm On Tees 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 helpful:
- How experienced is the practice with lease extension legislation?
I inherited a leasehold flat in Yarm On Tees, conveyancing having been completed 6 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Yarm On Tees with over 90 years remaining are worth £174,000. The ground rent is £60 invoiced every year. The lease finishes on 21st October 2103
With only 80 years unexpired we estimate the premium for your lease extension to be between £11,400 and £13,200 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.