Guaranteed fixed fees for Leasehold Conveyancing in Boscastle

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Questions and Answers: Boscastle leasehold conveyancing

My fiance and I may need to sub-let our Boscastle basement flat for a while due to a career opportunity. We used a Boscastle conveyancing practice in 2002 but they have since shut 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?

Some leases for properties in Boscastle 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've found a house that seems to meet my requirements, at a great figure which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Boscastle. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

The majority of houses in Boscastle are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Boscastle so you should seriously consider looking for a Boscastle conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will report to you on the legal implications.

Back In 2001, I bought a leasehold house in Boscastle. Conveyancing and Norwich and Peterborough Building Society mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Boscastle who previously acted has now retired.Do I pay?

The first thing you should do is contact HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Boscastle conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a couple of maisonettes in Boscastle which have about fifty years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Boscastle is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat 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 property 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 Boscastle 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Do you have any top tips for leasehold conveyancing in Boscastle from the point of view of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Boscastle can be reduced if you appoint lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers lawyers.
  • Many freeholders or managing agents in Boscastle charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Boscastle.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Boscastle leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. Where you dont have the approvals in place do not communicate with the landlord without contacting your conveyancer in the first instance.
  • A minority of Boscastle leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be warry about purchasing a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than ongoing.

    • I purchased a leasehold flat in Boscastle, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Boscastle with an extended lease are worth £209,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ends on 21st October 2091

    With just 67 years unexpired we estimate the premium for your lease extension to be between £11,400 and £13,200 plus professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered 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 seeking the advice of a professional.

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    Lease Extensions in Boscastle