Top Five Questions relating to Caddington leasehold conveyancing
My husband and I may need to let out our Caddington basement flat temporarily due to a career opportunity. We used a Caddington conveyancing practice in 2001 but they have since shut and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your last Caddington conveyancing lawyer is not around you can review your lease to see if it allows you to sublet the apartment. The accepted inference is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you need to obtain permission via your landlord or some other party prior to subletting. The net result is you not allowed to sublet without prior permission. Such 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 have recently realised that I have 62 years remaining on my lease in Caddington. I need to extend my lease but my freeholder is absent. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to track down the landlord. For most situations a specialist may be useful to try and locate and to produce a report to be used as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s absence and the application to the County Court covering Caddington.
I've found a house that seems to meet my requirements, at a great figure which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Caddington. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
Most houses in Caddington are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Caddington in which case you should be shopping around for a Caddington conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor should appraise you on the various issues.
Back In 2008, I bought a leasehold flat in Caddington. Conveyancing and Birmingham Midshires mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Caddington who previously acted has long since retired.What should I do?
The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. There is no need to incur the fees of a Caddington conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Can you provide any top tips for leasehold conveyancing in Caddington from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Caddington can be bypassed if you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
- Many freeholders or managing agents in Caddington charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Caddington.
I acquired a studio flat in Caddington, conveyancing having been completed 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Caddington with over 90 years remaining are worth £173,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease terminates on 21st October 2100
With only 75 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
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