Top Five Questions relating to Chelmsley Wood leasehold conveyancing
I am on look out for some leasehold conveyancing in Chelmsley Wood. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Chelmsley Wood - then the leasehold title will always include the short particulars 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 husband and I may need to sub-let our Chelmsley Wood ground floor flat for a while due to a career opportunity. We instructed a Chelmsley Wood conveyancing practice in 2001 but they have closed and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?
Even though your previous Chelmsley Wood conveyancing lawyer is no longer around you can check your lease to see if you are permitted to let out the premises. The rule is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you need to seek permission from your landlord or other appropriate person prior to subletting. This means that you cannot sublet in the absence of prior permission. The consent is not allowed to be unreasonably withheld. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I only have Seventy years remaining on my flat in Chelmsley Wood. I need to extend my lease but my freeholder is missing. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to prove that you have used your best endeavours to track down the landlord. On the whole an enquiry agent may be helpful to try and locate and prepare a report to be used as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Chelmsley Wood.
I am attracted to a two apartments in Chelmsley Wood which have approximately forty five years unexpired on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Chelmsley Wood is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of purchasers and banks, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Chelmsley Wood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
All being well we will complete our sale of a £250000 garden flat in Chelmsley Wood next Friday . The landlords agents has quoted £396 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Chelmsley Wood?
Chelmsley Wood conveyancing on leasehold apartments ordinarily involves fees being invoiced by managing agents :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Chelmsley Wood
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Chelmsley Wood Leasehold Conveyancing - A selection of Queries before Purchasing
Who takes responsibility for maintaining and repairing the block?
How is the lease structured?
Generally speaking the outlay for major works are not included within service charges, albeit that some managing agents in Chelmsley Wood require leasehold owners to contribute towards a reserve fund created for the specific purpose of building a fund for larger repairs or maintenance.