Common questions relating to Frampton on Severn leasehold conveyancing
My fiance and I may need to let out our Frampton on Severn ground floor flat for a while due to a new job. We used a Frampton on Severn conveyancing firm in 2003 but they have closed and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
A lease governs relations between the landlord and you the leaseholder; in particular, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Frampton on Severn do not prevent subletting altogether – such a clause would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
There are only 72 years remaining on my flat in Frampton on Severn. I now wish to extend my lease but my freeholder is absent. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to prove that you have done all that could be expected to locate the freeholder. For most situations a specialist should be useful to try and locate and prepare an expert document to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s disappearance and the application to the County Court covering Frampton on Severn.
Can you provide any top tips for leasehold conveyancing in Frampton on Severn from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Frampton on Severn can be bypassed where you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ representatives.
- Many landlords or Management Companies in Frampton on Severn levy fees for providing management packs for a leasehold premises. 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 reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Frampton on Severn.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £125000 maisonette in Frampton on Severn next week. The freeholder has quoted £312 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Frampton on Severn?
Frampton on Severn conveyancing on leasehold flats more often than not involves the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to address such questions the majority will be willing to assist. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee levied by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, otherwise the charge is technically not due. In reality one has little option but to pay whatever is demanded if you want to complete the sale of your home.
What are the common deficiencies that you witness in leases for Frampton on Severn properties?
There is nothing unique about leasehold conveyancing in Frampton on Severn. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- A duty to insure the building
- 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
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Skipton Building Society, and Aldermore all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.
Leasehold Conveyancing in Frampton on Severn - Sample of Questions you should consider Prior to buying
The prefered form of lease arrangement is if the freehold interest is owned by the leaseholders. In this situation the lessees benefit from control and notwithstanding that a managing agent is often employed where the building is larger than a house conversion, the managing agent employed by the leaseholders.
Is there a share of the freehold?
You should want to find out as much as you can regarding the managing agents as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to daily matters such as the upkeep of the communal areas. Ask prospective neighbours if they are happy with them. Finally, be sure you discover the dates that you are obliged pay the maintenance charge to the appropriate party and specifically how they are spending the funds.