Fixed-fee leasehold conveyancing in Colne:

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Questions and Answers: Colne leasehold conveyancing

My partner and I may need to sub-let our Colne 1st floor flat for a while due to a new job. We instructed a Colne conveyancing firm in 2003 but they have since shut and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?

Even though your last Colne conveyancing lawyer is not available you can review your lease to check if you are permitted to let out the premises. The rule is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you need to seek consent from your landlord or some other party before subletting. The net result is you not allowed to sublet in the absence of prior consent. The consent should not be unreasonably turned down. If the lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.

Estate agents have just been given the go-ahead to market my garden apartment in Colne.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge invoice – Do I pay up?

It best that you clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a couple of maisonettes in Colne both have about fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Colne is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of buyers and mortgage companies, 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 Colne 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 any new 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.

Do you have any advice for leasehold conveyancing in Colne with the purpose of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Colne can be reduced if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers representatives.
  • Many landlords or Management Companies in Colne charge for providing management packs for a leasehold property. 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 reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Colne.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example installed wooden flooring? Colne leases often stipulate that internal structural alterations or addition of wooden flooring require a licence from the Landlord acquiescing to such alterations. Where you dont have the approvals to hand do not communicate with the landlord without contacting your solicitor before hand.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share document. Organising a re-issued share certificate is often a lengthy formality and slows down many a Colne home move. Where a new share is necessary, do contact the company officers or managing agents (where relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check via your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • What are the frequently found deficiencies that you see in leases for Colne properties?

    Leasehold conveyancing in Colne is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Royal Bank of Scotland, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.

    Leasehold Conveyancing in Colne - Examples of Questions you should consider before Purchasing

      Who manages the block? What restrictions exist in the Colne Lease? You should want to discover as much as possible regarding the managing agents as they will either make your life much simpler or problematic. As the owner of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to practical issues such as the tidiness of the communal areas. You should not be afraid to ask prospective neighbours what they think of their service. In conclusion, find out the dates that you are obliged pay the maintenance charge to the appropriate party and specifically what you get for your money.

    Other Topics

    Lease Extensions in Colne