Common questions relating to Flint leasehold conveyancing
I am in need of some leasehold conveyancing in Flint. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Flint - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Jane (my partner) and I may need to rent out our Flint ground floor flat temporarily due to a new job. We used a Flint conveyancing practice in 2003 but they have closed and we did not have the foresight to get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Flint do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I work for a busy estate agent office in Flint where we have witnessed a number of flat sales derailed as a result of short leases. I have received contradictory information from local Flint conveyancing firms. Can you shed some light as to whether the vendor of a flat can start the lease extension process for the buyer?
Provided that the seller has owned the lease 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 can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £175000 maisonette in Flint on Monday in a week. The managing agents has quoted £384 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Flint?
Flint conveyancing on leasehold maisonettes nine out of ten times involves administration charges levied by landlords agents :
- Completing conveyancing due diligence questions
- Where consent is required before sale in Flint
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Are there common defects that you come across in leases for Flint properties?
Leasehold conveyancing in Flint is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Barnsley Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.
Flint Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing
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Its a good idea to find out as much as you can regarding the managing agents as they will either make your living at the property much simpler or problematic. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to practical matters such as the upkeep of the communal areas. Ask prospective neighbours whether they are happy with them. On a final note, be sure you discover the dates that you are obliged pay the maintenance charge to the relevant party and specifically what you get for your money.
The prefered form of lease arrangement is a share of the freehold. In this situation the lessees benefit from control and even though a managing agent is often employed where the building is larger than a house conversion, the managing agent retained by the leaseholders.
The majority of Flint leasehold apartments will incur a service charge for the upkeep of the block set on behalf of the freeholder. If you purchase the flat you will have to meet this liability, usually in instalments during the year. This may be anything from a few hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a rentcharge for you to pay yearly, this is usually not a large amount, say approximately £50-£100 but you need to enquire as sometimes it can be surprisingly expensive.
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