Top Five Questions relating to Carbis Bay leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Carbis Bay. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Carbis Bay - 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.
Jane (my partner) and I may need to rent out our Carbis Bay ground floor flat temporarily due to a new job. We instructed a Carbis Bay conveyancing practice in 2003 but they have since shut and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
A lease dictates relations between the landlord and you the leaseholder; in particular, it will indicate if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Carbis Bay do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I work for a reputable estate agent office in Carbis Bay where we see a number of flat sales derailed as a result of short leases. I have received conflicting advice from local Carbis Bay conveyancing solicitors. Could you confirm whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner 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. This means that the buyer can avoid having 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 at the same time as 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 purchaser.
All being well we will complete the disposal of our £375000 maisonette in Carbis Bay in 8 days. The managing agents has quoted £384 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Carbis Bay?
For most leasehold sales in Carbis Bay conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in Carbis Bay
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Are there frequently found deficiencies that you witness in leases for Carbis Bay properties?
There is nothing unique about leasehold conveyancing in Carbis Bay. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. 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
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Leeds Building Society, and Clydesdale all have express 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 withdraw.
Carbis Bay Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
Are any of leasehold owners in dispute over their service charge payments?
Make sure you investigate if there are any onerous restrictions in the lease. For example it is very common in Carbis Bay leases that pets are not permitted in certain buildings in Carbis Bay. If you like the apartmentin Carbis Bay however your cat is not allowed to live with you then you will be faced difficult choice.
The majority of Carbis Bay leasehold properties will incur a service charge for the upkeep of the block invoiced on behalf of the management company. Where you purchase the flat you will have to pay this contribution, usually in instalments during the year. This can vary from several hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent to be met yearly, ordinarily this is not a exorbitant figure, say around £50-£100 but you should to enquire it because sometimes it could be many hundreds of pounds.