Recently asked questions relating to Chadderton leasehold conveyancing
I am on look out for some leasehold conveyancing in Chadderton. Before diving in I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Chadderton - 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.
My wife and I may need to let out our Chadderton ground floor flat temporarily due to a new job. We instructed a Chadderton conveyancing practice in 2004 but they have closed and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
Your lease governs relations between the freeholder and you the flat owner; in particular, it will set out if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Chadderton do not prevent an absolute prevention of subletting – such a clause would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
I am tempted by the attractive purchase price for a couple of apartments in Chadderton both have about fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this field
Can you offer any advice when it comes to appointing a Chadderton conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Chadderton conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Chadderton 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 of use:
- How many lease extensions have they carried out in Chadderton in the last 12 months?
What makes a Chadderton lease defective?
There is nothing unique about leasehold conveyancing in Chadderton. Most leases is drafted differently and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the premises
- A duty to insure the building
- 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
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. Lloyds TSB Bank, Chelsea Building Society, and Godiva Mortgages Ltd all have express 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, obliging the buyer to pull out.
Leasehold Conveyancing in Chadderton - Sample of Queries Prior to buying
What is the the remaining lease term?
Best to be warned whether window replacement or some other significant cost is coming up to be shared amongst the tenants and could well dramatically impact the level of the service costs or require a specific invoice.
You should be aware that where the lease has no more than eighty years it will have adverse implications on the value of the apartment. Check with your lender that they are willing to lend given the lease term. Leases with fewer 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 would cost. For most Chaddertonlease extensions you would need to own the residence for 24 months in order to be entitled to extend the lease.