Top Five Questions relating to Disley leasehold conveyancing
I am on look out for some leasehold conveyancing in Disley. Before diving in I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Disley - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Jane (my partner) and I may need to sub-let our Disley basement flat temporarily due to a career opportunity. We instructed a Disley conveyancing firm in 2004 but they have since shut and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
Notwithstanding that your previous Disley conveyancing solicitor is not available you can check your lease to check if you are permitted to let out the property. The rule is that if the deeds are non-specific, subletting is allowed. There may be a precondition that you are obliged to obtain consent via your landlord or some other party in advance of subletting. This means you not allowed to sublet in the absence of prior permission. Such consent should not be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Disley. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
Most houses in Disley are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Disley in which case you should be shopping around for a Disley conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your lawyer should appraise you on the various issues.
I've recently bought a leasehold property in Disley. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee 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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).
What makes a Disley lease unacceptable for security purposes?
Leasehold conveyancing in Disley is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Skipton Building Society, and Godiva Mortgages Ltd 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 buyer to pull out.
Disley Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing
Generally speaking the cost for major works tend not to be incorporated into the maintenance charges, albeit that some managing agents in Disley obliged leasehold owners to contribute towards a sinking fund and this is used to offset against larger works.
How much is the service charge and ground rent on the apartment?
How many of the leaseholders are in arrears for their service charge payments?