Questions and Answers: Ferndown leasehold conveyancing
My fiance and I may need to let out our Ferndown ground floor flat for a while due to taking a sabbatical. We instructed a Ferndown conveyancing practice in 2004 but they have closed and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?
The lease dictates relations between the landlord and you the flat owner; in particular, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Ferndown do not contain subletting altogether – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
Having checked my lease I have discovered that there are only Fifty years remaining on my flat in Ferndown. I am keen to extend my lease but my freeholder is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to track down the landlord. In some cases an enquiry agent should be helpful to carry out a search and to produce an expert document which can be used as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer both on proving the landlord’s absence and the application to the County Court overseeing Ferndown.
Planning to exchange soon on a studio apartment in Ferndown. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Ferndown should include some of the following:
- You should receive a copy of the lease
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Ferndown. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Ferndown ?
The majority of houses in Ferndown are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Ferndown so you should seriously consider shopping around for a Ferndown conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.
I've recently bought a leasehold flat in Ferndown. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
Leasehold Conveyancing in Ferndown - Examples of Questions you should consider before Purchasing
Best to be warned whether fixing the lift or some other significant cost is due shortly to be shared between the tenants and will dramatically increase the the service costs or result in a one time payment.
How many years remain on the lease?
Please note that where the lease has fewer than 80 years it will impact the value of the property. Check with your bank that they are happy with the length of the lease. A short lease means that you will most likely have to extend the lease at some point and it is worth finding out how much this will be. Remember, in most cases you will need to own the residence for a couple of years before you are entitled to exercise a lease extension.