Top Five Questions relating to Bishopston leasehold conveyancing
I am in need of some leasehold conveyancing in Bishopston. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Bishopston - then the leasehold title will always include the basic details 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 am intending to let out my leasehold apartment in Bishopston. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
The lease governs the relationship between the landlord and you the flat owner; in particular, it will say if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Bishopston do not contain subletting altogether – such a clause would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I have recently realised that I have 72 years unexpired on my lease in Bishopston. I need to get lease extension but my freeholder is can not be found. What options are available to me?
On the basis that you qualify, 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 lengthened by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to find the lessor. For most situations an enquiry agent may be useful to try and locate and prepare an expert document to be used as proof that the landlord can not be located. It is wise to seek advice from a solicitor both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Bishopston.
I am a negotiator for a reputable estate agency in Bishopston where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Bishopston conveyancing firms. Please can you clarify whether the owner of a flat can start the lease extension formalities for the buyer?
As long as 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. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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.
Are there frequently found defects that you encounter in leases for Bishopston properties?
There is nothing unique about leasehold conveyancing in Bishopston. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Skipton Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.
Bishopston Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying
Does the lease contain onerous restrictions?
It would be a good idea to discover if there are any onerous restrictions in the lease. For instance it is fairly common in Bishopston leases that pets are not allowed in certain buildings in Bishopston. If you like the flatin Bishopston yet your dog is not allowed to live with you then you have a very hard compromise.
Generally speaking the cost for major works tend not to be included within service charges, albeit that a few managing agents in Bishopston require tenants to contribute towards a reserve fund created for the specific purpose of establishing a fund for major works.