Sample questions relating to Downend leasehold conveyancing
I wish to let out my leasehold flat in Downend. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Notwithstanding that your previous Downend conveyancing solicitor is no longer around you can check your lease to see if you are permitted to let out the premises. The accepted inference is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you must seek consent from your landlord or some other party before subletting. This means you not allowed to sublet in the absence of first obtaining permission. Such consent must not not be unreasonably turned down. If the lease prohibits you from letting out the property you should ask your landlord for their consent.
My wife and I purchased a leasehold house in Downend. Conveyancing and Platform Home Loans Ltd mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Downend who acted for me is not around.Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Downend conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two maisonettes in Downend both have in the region of fifty years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Downend is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers 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 a residence 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 Downend conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.
What advice can you give us when it comes to choosing a Downend conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Downend conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Downend conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Downend with the intention of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Downend can be reduced where you appoint lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ representatives.
- The majority freeholders or managing agents in Downend levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Downend.
Downend Leasehold Conveyancing - Examples of Queries Prior to buying
The prefered form of lease arrangement is if the freehold reversion is in the ownership of the leaseholders. In this arrangement the tenants have being in charge if their destiny and even though a managing agent is often retained where the building is larger than a house conversion, the managing agent employed by the leaseholders.
Please inform me if there are any major works anticipated that could add a premium to the maintenance costs?
What is the length of the lease?