Common questions relating to Finchampstead leasehold conveyancing
I wish to sublet my leasehold flat in Finchampstead. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Your lease dictates the relationship between the landlord and you the flat owner; in particular, it will indicate 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 allowed. The majority of leases in Finchampstead do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
Having checked my lease I have discovered that there are only Seventy years unexpired on my flat in Finchampstead. I now wish to extend my lease but my landlord is can not be found. What options are available to me?
If you meet the appropriate requirements, 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 mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to locate the lessor. On the whole an enquiry agent may be helpful to carry out a search and to produce a report which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s disappearance and the application to the County Court covering Finchampstead.
I am hoping to exchange soon on a leasehold property in Finchampstead. Conveyancing solicitors inform me that they report fully 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 Finchampstead should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
I have just appointed agents to market my 2 bed apartment in Finchampstead.Conveyancing has not commenced but I have just had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is pay 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 managing agents will not acknowledge the buyer until 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. Having a clear account will assist your cause and will leave you no worse off financially.
Can you provide any advice for leasehold conveyancing in Finchampstead with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Finchampstead can be reduced if you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation needed by the purchasers’ lawyers.
- Many freeholders or managing agents in Finchampstead levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Finchampstead.
Finchampstead Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying
How is the lease structured?
Generally speaking the outlay for major works are not included within maintenance charges, although some managing agents in Finchampstead ask leaseholders to contribute towards a reserve fund created for the specific intention of building a fund for larger repairs or maintenance.
Are any of leasehold owners in arrears of their service charge liability?