Fixed-fee leasehold conveyancing in Driffield:

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Driffield leasehold conveyancing: Q and A’s

Helen (my wife) and I may need to let out our Driffield ground floor flat for a while due to a new job. We used a Driffield conveyancing firm in 2004 but they have closed and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?

Your lease dictates relations between the landlord and you the leaseholder; specifically, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Driffield do not prevent subletting altogether – such a provision would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

I am tempted by the attractive purchase price for a two apartments in Driffield which have in the region of 50 years remaining on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Driffield is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. The majority of buyers and banks, leases with less than eighty years become less and less attractive. On a more upbeat 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 Driffield 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 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 are your top tips when it comes to choosing a Driffield conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Driffield conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Driffield conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • Can they put you in touch with client in Driffield who can give a testimonial?
  • What are the legal fees for lease extension conveyancing?

    • Do you have any advice for leasehold conveyancing in Driffield from the perspective of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Driffield can be avoided where you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ solicitors.
    • The majority freeholders or managing agents in Driffield 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 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 frequent cause of frustration in leasehold conveyancing in Driffield.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as over rather than unresolved.
  • If you hold a share in a the freehold, you should make sure that you have the original share document. Obtaining a duplicate share certificate is often a lengthy process and frustrates many a Driffield home move. Where a duplicate share certificate is necessary, do contact the company officers or managing agents (where relevant) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is under 80 years. It is therefore important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • When it comes to leasehold conveyancing in Driffield what are the most common lease problems?

    Leasehold conveyancing in Driffield is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the premises
    • A duty to insure the building
    • 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 may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Barnsley Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.

    Leasehold Conveyancing in Driffield - Examples of Queries Prior to Purchasing

      How much is the ground rent and service charge? Be sure to find out if there is anything that is prohibited in the lease. By way of example it is fairly common in Driffield leases that pets are not permitted in certain buildings in Driffield. If you love the flatin Driffield but your cat is not allowed to move with you then you have a very difficult determination. This question is useful as a) areas can result in problems for the block as the common areas may begin to deteriorate where maintenance remain unpaid b) if the leaseholders have a dispute with the managing agents you will wish to have complete disclosure

    Other Topics

    Lease Extensions in Driffield