Top Five Questions relating to Delabole leasehold conveyancing
My fiance and I may need to sub-let our Delabole basement flat for a while due to taking a sabbatical. We used a Delabole conveyancing practice in 2001 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?
A small minority of properties in Delabole do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I am tempted by the attractive purchase price for a couple of flats in Delabole both have approximately forty five years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Delabole. The lease is a right to use the property for a period of time. As a lease shortens the marketability of the lease reduces and it becomes more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this area
I am employed by a long established estate agency in Delabole where we have experienced a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Delabole conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Can you offer any advice when it comes to choosing a Delabole conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Delabole conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Delabole conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How many lease extensions have they completed in Delabole in the last twenty four months?
In relation to leasehold conveyancing in Delabole what are the most common lease problems?
Leasehold conveyancing in Delabole is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You may encounter 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. Halifax, The Mortgage Works, and Platform Home Loans Ltd all have express conveyancing instructions 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 buyer to withdraw.
Delabole Leasehold Conveyancing - A selection of Questions you should consider before Purchasing
Does the lease include onerous restrictions?
Who manages the building?
The best form of lease structure is where the freehold title is owned by the leaseholders. In this scenario the leaseholders benefit from control and although a managing agent is frequently retained if the building is larger than a house conversion, the managing agent employed by the leaseholders.