Forest of Dean leasehold conveyancing Example Support Desk Enquiries
Helen (my wife) and I may need to sub-let our Forest of Dean 1st floor flat for a while due to a new job. We used a Forest of Dean conveyancing firm in 2001 but they have since shut and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your last Forest of Dean conveyancing lawyer is not available you can check your lease to check if it allows you to sublet the premises. The rule is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you must seek permission via your landlord or some other party prior to subletting. The net result is that you cannot sublet without prior permission. The consent should not be unreasonably withheld. If the lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.
I own a leasehold house in Forest of Dean. Conveyancing and Leeds Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Forest of Dean who previously acted has long since retired.What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Forest of Dean conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a two maisonettes in Forest of Dean both have in the region of forty five years unexpired on the leases. Do I need to be concerned?
A lease is a right to use the premises for a period of time. As the lease shortens the value of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this area
Do you have any top tips for leasehold conveyancing in Forest of Dean with the intention of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Forest of Dean can be bypassed where you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information which will be required by the purchasers’ solicitors.
- A minority of Forest of Dean leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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.
Are there common problems that you come across in leases for Forest of Dean properties?
There is nothing unique about leasehold conveyancing in Forest of Dean. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Skipton Building Society, and Britannia 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 does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.
Forest of Dean Leasehold Conveyancing - Examples of Queries Prior to Purchasing
It is important to be aware whether fixing the lift or some other major work is due shortly to be shared amongst the tenants and may well dramatically increase the the maintenance fees or result in a specific payment.
The best form of lease arrangement is a share of the freehold. In this situation the leaseholders benefit from control and notwithstanding that a managing agent is often employed if it is larger than a house conversion, the managing agent is directed by the tenants.
Is there a share of the freehold?