I wish to rent out my leasehold flat in Finchampstead. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

A lease dictates the relationship between the landlord and you the flat owner; in particular, it will set out if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Finchampstead do not contain subletting altogether – such a provision would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

There are only Seventy years unexpired on my lease in Finchampstead. I need to get lease extension but my freeholder is can not be found. What are my options?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to prove that you have made all reasonable attempts to track down the freeholder. In some cases an enquiry agent should be useful to carry out a search and to produce an expert document which can be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on investigating the landlord’s absence and the application to the County Court covering Finchampstead.

Planning to complete next month on a studio apartment in Finchampstead. Conveyancing solicitors have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Finchampstead should include some of the following:

• Defining your legal entitlements in respect of the communal areas in the block.For example, does the lease include a right of way over a path or staircase?

I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Finchampstead. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

Most houses in Finchampstead are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Finchampstead so you should seriously consider shopping around for a Finchampstead conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. 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 estate where the property is located on an estate. Your conveyancer will report to you on the legal implications.

I've recently bought a leasehold house in Finchampstead. Do I have any liability for service charges relating to a period prior to 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. A critical element 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).

Finchampstead Conveyancing for Leasehold Flats - Examples of Queries before Purchasing

You should be aware that where the lease has no more than eighty years it will affect the marketability of the flat. It is worth checking with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will probably have to extend the lease sooner rather than later and you need to have some idea of what this will be. For most Finchampsteadlease extensions you would need to own the property for a couple of years before you are entitled to extend the lease. Generally speaking the cost for major works tend not to be built into the maintenance charges, albeit that there some managing agents in Finchampstead require leaseholders to contribute towards a sinking fund created for the specific purpose of establishing a fund for larger repairs or maintenance. How much is the ground rent and service charge?

Other Topics

Lease Extensions in Finchampstead