Top Five Questions relating to Barnard Castle leasehold conveyancing
I am intending to sublet my leasehold apartment in Barnard Castle. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
A small minority of properties in Barnard Castle do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience dictates 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.
I am hoping to sign contracts shortly on a ground floor flat in Barnard Castle. Conveyancing solicitors assured me that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Barnard Castle should include some of the following:
- You should be sent a copy of the lease
I am employed by a long established estate agent office in Barnard Castle where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Barnard Castle conveyancing solicitors. Can you clarify whether the seller of a flat can initiate the lease extension formalities 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer 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 needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is 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 Barnard Castle with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Barnard Castle can be bypassed where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the buyers solicitors.
- The majority landlords or Management Companies in Barnard Castle levy fees for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Barnard Castle.
All being well we will complete our sale of a £200000 garden flat in Barnard Castle in nine days. The managing agents has quoted £312 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Barnard Castle?
Barnard Castle conveyancing on leasehold maisonettes nine out of ten times results in administration charges invoiced by freeholders :
- Completing pre-contract enquiries
- Where consent is required before sale in Barnard Castle
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Barnard Castle - Examples of Queries before Purchasing
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What is the service charge and ground rent on the flat?
Where a Barnard Castle lease has fewer than eighty years it will impact the marketability of the flat. Check with your mortgage company that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and you need to have some idea of how much this would cost. Remember, in most cases you would need to own the premises for two years in order to be entitled to extend the lease.
Best to be warned whether a new roof is being installed or some other significant cost is due in the foreseeable future that will be shared by the leasehold owners and will materially impact the level of the service fees or require a specific invoice.
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