Top Five Questions relating to Flint leasehold conveyancing
I want to rent out my leasehold apartment in Flint. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A lease dictates relations between the freeholder and you the flat owner; specifically, it will say if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Flint do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I have just appointed agents to market my garden flat in Flint.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge 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 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 am tempted by the attractive purchase price for a two maisonettes in Flint which have about forty five years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in Flint is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most purchasers and mortgage companies, leases with less than 75 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 a residence 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 Flint 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 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.
What are your top tips when it comes to choosing a Flint conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Flint conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Flint conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If the firm is not ALEP accredited then why not?
Can you provide any advice for leasehold conveyancing in Flint with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Flint can be bypassed if you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the buyers conveyancers.
- The majority landlords or Management Companies in Flint charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Flint.
Flint Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to buying
The prefered form of lease arrangement is where the freehold title is owned by the leaseholders. In this arrangement the leaseholders enjoy control and even though a managing agent is usually retained where the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
Please note that where the lease has less than 80 years it will have adverse implications on the salability of the apartment. It is worth checking with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth finding out what this will be. For most Flintlease extensions you will be be obliged to have owned the residence for 24 months in order to be eligible to extend the lease.
Is anyone aware of any major works on the horizon that will add a premium to the service fees?