Questions and Answers: Chelmsley Wood leasehold conveyancing
I want to rent out my leasehold apartment in Chelmsley Wood. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Notwithstanding that your previous Chelmsley Wood conveyancing solicitor is not around you can check your lease to check if it allows you to sublet the property. The rule is that if the deeds are silent, subletting is permitted. There may be a precondition that you need to obtain permission from your landlord or other appropriate person prior to subletting. This means that you cannot sublet without first obtaining permission. Such consent is not allowed to be unreasonably withheld. If the lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.
Having checked my lease I have discovered that there are only Seventy years unexpired on my flat in Chelmsley Wood. I need to extend my lease but my landlord is can not be found. What should I do?
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 magistrate. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to locate the lessor. For most situations an enquiry agent may be useful to try and locate and prepare an expert document to be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the application to the County Court overseeing Chelmsley Wood.
I am attracted to a two maisonettes in Chelmsley Wood both have in the region of 50 years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Chelmsley Wood is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and mortgage companies, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 a residence 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
What advice can you give us when it comes to appointing a Chelmsley Wood conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Chelmsley Wood 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 several firms including non Chelmsley Wood conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How experienced is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Chelmsley Wood from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Chelmsley Wood can be bypassed if you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
- The majority landlords or managing agents in Chelmsley Wood charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Chelmsley Wood.
Chelmsley Wood Leasehold Conveyancing - Sample of Questions you should consider before buying
Please note that where the lease has less than eighty years it will affect the marketability of the property. Check with your bank that they are content with remaining years on the lease. A short lease means that you will almost definitely need a lease extension at some point and you need to have some idea of what this will be. Remember, in most cases you would be required to have been the owner of the residence for 24 months before you are eligible to carry out a lease extension.
You should want to find out as much as possible concerning the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to daily matters such as the tidiness of the communal areas. You should not be shy to ask other people whether they are happy with their management. Finally, be sure you discover the dates that the maintenance fees are due to the managing agents and specifically what it includes.
Plenty Chelmsley Wood leasehold properties will be liable to pay a service charge for maintenance of the block invoiced on behalf of the management company. If you acquire the apartment you will have to meet this amount, usually quarterly accross the year. This can vary from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent to be met annual, normally this is not a exorbitant figure, say around £25-£75 but you need to check as sometimes it can be many hundreds of pounds.