Sample questions relating to Bollington leasehold conveyancing
My wife and I may need to sub-let our Bollington 1st floor flat for a while due to a new job. We used a Bollington conveyancing firm in 2004 but they have closed and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?
Notwithstanding that your previous Bollington conveyancing solicitor is not available you can review your lease to see if it allows you to sublet the premises. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you must obtain permission from your landlord or some other party prior to subletting. This means you not allowed to sublet in the absence of first obtaining consent. Such consent must not not be unreasonably withheld. If your lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.
Expecting to sign contracts shortly on a basement flat in Bollington. Conveyancing lawyers inform me 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 Bollington should include some of the following:
- Does the lease prohibit wood flooring?
My wife and I purchased a leasehold house in Bollington. Conveyancing and Nationwide Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Bollington who acted for me is not around.What should I do?
First contact HMLR to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Bollington conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Do you have any advice for leasehold conveyancing in Bollington from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Bollington can be avoided if you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Bollington state that internal structural alterations or installing wooden flooring require a licence issued by the Landlord approving such alterations. Where you dont have the consents to hand do not contact the landlord without contacting your conveyancer in the first instance.
What makes a Bollington lease unmortgageable?
Leasehold conveyancing in Bollington is not unique. All leases are unique and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- 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
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, The Royal Bank of Scotland, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to pull out.
Bollington Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
Who is in charge of the building?
It is important to be aware whether fixing the lift or some other major work is anticipated to be shared amongst the leasehold owners and will dramatically increase the the maintenance costs or result in a specific payment.
The best form of lease arrangement is a share of the freehold. In this situation the lessees benefit from control and although a managing agent is often employed where it is bigger than a house conversion, the managing agent is directed by the tenants.