Common questions relating to Yate leasehold conveyancing
My husband and I may need to sub-let our Yate basement flat temporarily due to taking a sabbatical. We instructed a Yate conveyancing firm in 2003 but they have since shut and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?
The lease governs relations between the landlord and you the leaseholder; in particular, it will indicate 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. The majority of leases in Yate do not prevent subletting altogether – such a clause would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
Planning to sign contracts shortly on a garden flat in Yate. Conveyancing lawyers have said that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Yate should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I own a leasehold flat in Yate. Conveyancing and Virgin Money mortgage organised. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Yate who previously acted has long since retired.Do I pay?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Yate conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Last month I purchased a leasehold flat in Yate. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you provide any advice for leasehold conveyancing in Yate with the aim of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Yate can be bypassed if you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the buyers solicitors.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Yate leases often stipulate that internal structural alterations or installing wooden flooring require a licence from the Landlord approving such alterations. Where you dont have the approvals to hand do not contact the landlord without contacting your conveyancer in the first instance.
I am the registered owner of a basement flat in Yate, conveyancing was carried out 6 years ago. How much will my lease extension cost? Comparable flats in Yate with an extended lease are worth £255,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease expires on 21st October 2104
You have 80 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 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 are not able to supply the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously 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.