Frequently asked questions relating to Ashbourne leasehold conveyancing
I am on look out for some leasehold conveyancing in Ashbourne. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Ashbourne - 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 rent out my leasehold apartment in Ashbourne. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Your lease governs relations between the landlord and you the leaseholder; specifically, it will say if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Ashbourne do not contain subletting altogether – such a provision would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
I've recently bought a leasehold flat in Ashbourne. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee 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 ensure 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).
I work for a busy estate agent office in Ashbourne where we see a few leasehold sales derailed due to short leases. I have received inconsistent advice from local Ashbourne conveyancing firms. Can you shed some light as to whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
Do you have any top tips for leasehold conveyancing in Ashbourne with the aim of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Ashbourne can be bypassed if you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- Many landlords or managing agents in Ashbourne levy fees for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. 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 reason for delay in leasehold conveyancing in Ashbourne.
Leasehold Conveyancing in Ashbourne - Sample of Questions you should consider before buying
How many of the leaseholders are in arrears for their maintenance charge payments?
The prefered form of lease arrangement is where the freehold title is owned by the leaseholders. In this situation the tenants enjoy being in charge if their destiny and notwithstanding that a managing agent is often employed if it is larger than a house conversion, the managing agent acts for the leaseholders themselves.
This question is useful as a) areas can result in problems in the building as the common areas may start to deteriorate where maintenance remain unpaid b) if the leaseholders have an issue with the managing agents you will wish to have all the details