Top Five Questions relating to Askam In Furness leasehold conveyancing
My partner and I may need to rent out our Askam In Furness 1st floor flat temporarily due to taking a sabbatical. We used a Askam In Furness 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?
A small minority of properties in Askam In Furness do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold 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.
Expecting to sign contracts shortly on a studio apartment in Askam In Furness. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Askam In Furness should include some of the following:
- You should be sent a copy of the lease
I am attracted to a two flats in Askam In Furness both have in the region of 50 years remaining on the lease term. Will this present a problem?
A lease is a right to use the property for a period of time. As the lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area
I am employed by a busy estate agency in Askam In Furness where we see a few leasehold sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Askam In Furness conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease 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. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible 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.
What advice can you give us when it comes to choosing a Askam In Furness conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Askam In Furness conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Askam In Furness conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- Can they put you in touch with client in Askam In Furness who can give a testimonial?
Askam In Furness Conveyancing for Leasehold Flats - Examples of Questions you should ask before buying
Is the freehold reversion owned collectively by the tenants?
What is the name of the managing agents?
What restrictions are contained in the Askam In Furness Lease?