Questions and Answers: Consett leasehold conveyancing
I wish to rent out my leasehold flat in Consett. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Even though your previous Consett conveyancing solicitor is no longer around you can check your lease to see if it allows you to sublet the property. The accepted inference is that if the lease is silent, subletting is permitted. There may be a precondition that you are obliged to seek consent via your landlord or some other party prior to subletting. This means you not allowed to sublet without prior permission. The consent is not allowed to be unreasonably withheld. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
Looking forward to sign contracts shortly on a leasehold property in Consett. Conveyancing lawyers inform me that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Consett should include some of the following:
- Defining your rights in respect of the communal areas in the building.For instance, does the lease provide for a right of way over an accessway or staircase?
Last month I purchased a leasehold flat in Consett. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you provide any advice for leasehold conveyancing in Consett with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Consett can be reduced where you appoint lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information which will be required by the purchasers’ lawyers.
- Many freeholders or managing agents in Consett charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Consett.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £300000 flat in Consett in 10 days. The landlords agents has quoted £408 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Consett?
Consett conveyancing on leasehold flats often requires the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be willing to assist. They may levy a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee required by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, otherwise the charge is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
Leasehold Conveyancing in Consett - Examples of Queries Prior to Purchasing
For many Consett leaseholds the cost for major works are not incorporated into the maintenance charges, although there some managing agents in Consett obliged leaseholders to contribute towards a sinking fund created for the specific purpose of establishing a fund for major works.
You should want to discover as much as possible regarding the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to daily issues like the upkeep of the communal areas. Ask other tenants if they are happy with them. Finally, be sure you know the dates that the maintenance charges are due to the relevant party and precisely what it includes.
If a Consett lease has fewer than eighty years it will have adverse implications on the marketability of the property. Check with your mortgage company that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably require a lease extension at some point and you need to have some idea of what this will be. For most Consettlease extensions you would need to own the premises for two years before you are legally able to exercise a lease extension.