Leasehold Conveyancing in Finningley - Get a Quote from the leasehold experts approved by your lender

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When it comes to leasehold conveyancing in Finningley, you will need to chose a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Lloyds, Birmingham Midshires or NatWest make sure you choose a lawyer on their panel. Feel free to use our search tool

Recently asked questions relating to Finningley leasehold conveyancing

Jane (my partner) and I may need to sub-let our Finningley 1st floor flat for a while due to taking a sabbatical. We instructed a Finningley conveyancing practice in 2003 but they have since shut and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?

The lease governs relations between the landlord and you the leaseholder; in particular, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Finningley do not contain strict prohibition on subletting – 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 tenancy agreement.

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Finningley. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Finningley ?

The majority of houses in Finningley are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Finningley so you should seriously consider shopping around for a Finningley conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will appraise you on the various issues.

I am tempted by the attractive purchase price for a two flats in Finningley both have about 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Finningley is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the property. The majority of buyers and banks, leases with less than 75 years become less and less attractive. On a more positive 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 Finningley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

I work for a long established estate agency in Finningley where we have experienced a number of leasehold sales jeopardised as a result of short leases. I have been given contradictory information from local Finningley conveyancing solicitors. Please can you clarify whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Can you provide any advice for leasehold conveyancing in Finningley with the aim of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Finningley can be reduced if you appoint lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Finningley state that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord consenting to such changes. Where you dont have the approvals in place you should not contact the landlord without contacting your conveyancer in the first instance.
  • A minority of Finningley leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to 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 will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than unsettled.
  • You may think that you are aware of the number of years left on your lease but it would be wise to double-check by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. In the circumstances it is important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • Leasehold Conveyancing in Finningley - A selection of Questions you should consider before Purchasing

      What restrictions are contained in the Finningley Lease? Most Finningley leasehold flats will be liable to pay a service bill for maintenance of the block set on behalf of the management company. Where you acquire the apartment you will have to pay this contribution, normally in instalments throughout the year. This can be anything from two or three hundred pounds to thousands of pounds for buildings with lifts and large common areas. In all probability there will be a rentcharge for you to pay annual, normally this is not a significant figure, say about £25-£75 but you need to enquire as occasionally it could be prohibitively expensive. Its a good idea to find out as much as you can about the company managing the block as they can either make your living at the property much simpler or problematic. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day issues like the cleanliness of the common parts. Ask other people what they think of their management. On a final note, investigate as to the dates that the service fees are due to the managing agents and precisely what it includes.

    Other Topics

    Lease Extensions in Finningley