Top Five Questions relating to Allenton leasehold conveyancing
I am in need of some leasehold conveyancing in Allenton. 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 99.9% are in Allenton - 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.
I want to sublet my leasehold flat in Allenton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your last Allenton conveyancing solicitor is not available you can check your lease to check if you are permitted to let out the property. The rule is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you must obtain consent from your landlord or some other party in advance of subletting. The net result is that you cannot sublet without prior consent. The consent must not not be unreasonably refused ore delayed. If your lease prohibits you from letting out the property you should ask your landlord for their consent.
I am looking at a two apartments in Allenton both have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Allenton is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most purchasers and banks, leases with under 75 years become less and less marketable. On a more positive 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 a residence 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 Allenton 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 the agreed 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.
I work for a long established estate agent office in Allenton where we have witnessed a few flat sales put at risk due to short leases. I have received contradictory information from local Allenton conveyancing solicitors. Could you clarify whether the owner of a flat can start the lease extension process for the buyer?
As long as 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 buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
Can you offer any advice when it comes to appointing a Allenton conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Allenton conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Allenton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- How familiar is the firm with lease extension legislation?
Allenton Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
It is important to be aware if changing the roof or some other significant cost is due in the near future that will be shared amongst the leaseholders and will dramatically impact the level of the maintenance costs or require a specific payment.
Is the freehold reversion owned collectively by the leaseholders?
Does the lease include onerous restrictions?