Experts for Leasehold Conveyancing in Bestwood

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Examples of recent questions relating to leasehold conveyancing in Bestwood

My husband and I may need to let out our Bestwood ground floor flat for a while due to taking a sabbatical. We used a Bestwood conveyancing practice in 2004 but they have closed and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?

Even though your previous Bestwood conveyancing lawyer is not around you can review your lease to check if you are permitted to let out the premises. The accepted inference is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you are obliged to obtain permission from your landlord or other appropriate person before subletting. This means you not allowed to sublet without prior consent. Such consent is not allowed to be unreasonably refused ore delayed. If the lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.

I have recently realised that I have Sixty One years unexpired on my lease in Bestwood. I am keen to extend my lease but my freeholder is can not be found. What options are available to me?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the landlord. For most situations an enquiry agent should be useful to conduct investigations and prepare an expert document which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on proving the landlord’s disappearance and the application to the County Court covering Bestwood.

Last month I purchased a leasehold property in Bestwood. Do I have any liability for service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).

Can you provide any top tips for leasehold conveyancing in Bestwood from the perspective of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Bestwood can be avoided if you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers lawyers.
  • Many freeholders or Management Companies in Bestwood levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Bestwood.
  • Some Bestwood leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you hold a share in a the Management Company, you should make sure that you hold the original share document. Organising a duplicate share certificate is often a time consuming formality and frustrates many a Bestwood conveyancing deal. If a new share is required, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.
  • You believe that you know the number of years left on your lease but it would be advisable verify this by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is less than 75 years. In the circumstances it is important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • Are there common problems that you encounter in leases for Bestwood properties?

    Leasehold conveyancing in Bestwood is not unique. All leases are unique and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Virgin Money, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.

    Bestwood Leasehold Conveyancing - A selection of Questions you should ask before Purchasing

      How much is the annual service fee and ground rent? This question is important as a) areas can cause problems in the block as the communal areas may begin to deteriorate if maintenance remain unpaid b) if the leaseholders have a dispute with the managing agents you will need to know about it Be sure to discover if there are any onerous restrictions in the lease. For example it is very common in Bestwood leases that pets are not permitted in certain buildings in Bestwood. If you love the apartmentin Bestwood however your cat is not allowed to live with you then you will be presented with a hard choice.

    Other Topics

    Lease Extensions in Bestwood