Kings Heath leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Kings Heath. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and almost all are in Kings Heath - 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.
Helen (my wife) and I may need to let out our Kings Heath basement flat for a while due to taking a sabbatical. We instructed a Kings Heath conveyancing firm in 2001 but they have closed and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?
A lease governs the relationship between the landlord and you the leaseholder; in particular, it will say 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 Kings Heath do not contain strict prohibition on subletting – such a clause would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
Due to complete next month on a garden flat in Kings Heath. Conveyancing solicitors assured me that they report fully next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Kings Heath should include some of the following:
- Will you be prohibited or prevented from having pets in the property?
I've recently bought a leasehold house in Kings Heath. Do I have any liability for service charges for periods before completion of my purchase?
In a situation 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. However, 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).
What makes a Kings Heath lease problematic?
Leasehold conveyancing in Kings Heath is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Barnsley Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I own a leasehold flat in Kings Heath, 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 flats in Kings Heath with a long lease are worth £186,000. The average or mid-range amount of ground rent is £65 yearly. The lease ends on 21st October 2087
With only 63 years unexpired we estimate the price of your lease extension to be between £16,200 and £18,600 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
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