Booker leasehold conveyancing: Q and A’s
Harry (my fiance) and I may need to sub-let our Booker 1st floor flat temporarily due to a new job. We used a Booker conveyancing firm in 2001 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
The lease dictates the relationship between the freeholder and you the leaseholder; in particular, it will indicate 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 permitted. The majority of leases in Booker do not contain subletting altogether – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
Expecting to complete next month on a garden flat in Booker. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Booker should include some of the following:
- You should receive a copy of the lease
I am a negotiator for a long established estate agent office in Booker where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Booker conveyancing solicitors. Could you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as 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 proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is 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.
Can you offer any advice when it comes to choosing a Booker conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Booker conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Booker conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- If they are not ALEP accredited then why not?
Are there frequently found problems that you see in leases for Booker properties?
There is nothing unique about leasehold conveyancing in Booker. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- 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 will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Norwich and Peterborough Building Society, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.
Leasehold Conveyancing in Booker - A selection of Queries before Purchasing
Make sure you discover if there are any onerous prohibitions in the lease. For example it is reasonably common in Booker leases that pets are not allowed in in a block in Booker. If you like the apartmentin Booker yet your cat is not allowed to move with you then you will be faced difficult choice.
If a Booker lease has less than eighty years it will have adverse implications on the value 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 less than 80 years remaining means that you will probably have to extend the lease at some point and you need to have some idea of what this will be. For most Bookerlease extensions you will need to own the property for two years in order to be eligible to extend the lease.
Is there a share of the freehold?