Recently asked questions relating to Chesham Bois leasehold conveyancing
I am intending to let out my leasehold flat in Chesham Bois. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A lease governs the relationship between the landlord and you the leaseholder; in particular, it will indicate 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 Chesham Bois do not prevent an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I've found a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Chesham Bois. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Chesham Bois ?
Most houses in Chesham Bois are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Chesham Bois so you should seriously consider shopping around for a Chesham Bois conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer will appraise you on the various issues.
I am looking at a couple of flats in Chesham Bois which have about fifty years remaining on the leases. should I be concerned?
A lease is a right to use the premises for a period of time. As the lease shortens the value of the lease reduces and results in it becoming more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area
Can you provide any advice for leasehold conveyancing in Chesham Bois from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Chesham Bois can be avoided if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ conveyancers.
- A minority of Chesham Bois leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £300000 maisonette in Chesham Bois next Friday . The management company has quoted £360 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Chesham Bois?
For most leasehold sales in Chesham Bois conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence questions
- Where consent is required before sale in Chesham Bois
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Chesham Bois Leasehold Conveyancing - A selection of Questions you should consider Prior to buying
How is the lease structured?
You should be aware that where the lease has less than 80 years it will affect the value of the flat. It is worth checking with your bank that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will most likely require a lease extension sooner rather than later and it is worth discovering how much this would cost. For most Chesham Boislease extensions you would need to own the property for a couple of years in order to be legally able to extend the lease.
It is important to be aware whether redecorating or some other significant cost is due shortly to be shared between the leaseholders and will materially impact the level of the maintenance fees or result in a specific payment.