Examples of recent questions relating to leasehold conveyancing in Eaglescliffe
I am in need of some leasehold conveyancing in Eaglescliffe. Before I get started I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Eaglescliffe - 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.
My partner and I may need to rent out our Eaglescliffe ground floor flat for a while due to a new job. We used a Eaglescliffe conveyancing firm in 2002 but they have since shut and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?
Some leases for properties in Eaglescliffe 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 review 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 consent.
I have just appointed agents to market my garden flat in Eaglescliffe.Conveyancing solicitors are to be appointed soon but I have just received a quarterly service charge invoice – Do I pay up?
It best that you clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Eaglescliffe. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Eaglescliffe are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Eaglescliffe in which case you should be looking for a Eaglescliffe conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.
I am looking at a couple of flats in Eaglescliffe both have approximately 50 years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Eaglescliffe is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of purchasers and mortgage companies, leases with under eighty years become less and less marketable. 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 property 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 Eaglescliffe 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 any new 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.
Leasehold Conveyancing in Eaglescliffe - A selection of Questions you should consider Prior to buying
Who takes responsibility for maintaining and repairing the block?
How many of the leaseholders are in arrears for their maintenance charge payments?
Please inform me if there are any major works on the horizon that could add a premium to the service costs?