Questions and Answers: Bartley Green leasehold conveyancing
I've found a house that seems to be perfect, at a great figure which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Bartley Green. Conveyancing advisers have are about to be appointed. Will they explain the issues?
Most houses in Bartley Green are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Bartley Green so you should seriously consider shopping around for a Bartley Green conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your solicitor should appraise you on the various issues.
I am attracted to a two maisonettes in Bartley Green which have about forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Bartley Green. The lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena
I work for a busy estate agency in Bartley Green where we have experienced a few flat sales put at risk due to short leases. I have received contradictory information from local Bartley Green conveyancing firms. Please can you confirm whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 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 simultaneously with completion of the sale.
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.
What advice can you give us when it comes to choosing a Bartley Green conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Bartley Green conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Bartley Green conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How familiar is the firm with lease extension legislation?
When it comes to leasehold conveyancing in Bartley Green what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Bartley Green. All leases are unique and legal mistakes in the legal wording can result in certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- A duty to insure the building
- 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
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Norwich and Peterborough Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.
Bartley Green Leasehold Conveyancing - A selection of Queries before Purchasing
Where a Bartley Green lease has no more than 80 years it will impact the marketability of the flat. It is worth checking with your lender that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and it is worth finding out how much this would cost. Remember, in most cases you would be required to have been the owner of the residence for a couple of years before you are legally able to carry out a lease extension.
You should want to discover as much as you can concerning the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents from a financial perspective and when it comes to every day issues such as the upkeep of the communal areas. Enquire of other tenants what they think of their service. On a final note, investigate as to the dates that you are obliged pay the service charge to the managing agents and precisely what it includes.
Be sure to enquire if the the lease contains any onerous restrictions in the lease. By way of example it is fairly common in Bartley Green leases that pets are not allowed in certain buildings in Bartley Green. If you like the propertyin Bartley Green however your cat can’t live with you then you will be presented with a difficult determination.