Godmanchester leasehold conveyancing Example Support Desk Enquiries
Having had my offer accepted I require leasehold conveyancing in Godmanchester. Before I get started I require certainty as to the remaining lease term.
If the lease is registered - and almost all are in Godmanchester - 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.
I would like to sublet my leasehold apartment in Godmanchester. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Even though your last Godmanchester conveyancing lawyer is no longer around you can check your lease to see if it allows you to sublet the apartment. The rule is that if the deeds are non-specific, subletting is allowed. Quite often there is a prerequisite that you must seek permission from your landlord or other appropriate person prior to subletting. This means you not allowed to sublet in the absence of prior permission. The consent should not be unreasonably turned down. If the lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Godmanchester. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
Most houses in Godmanchester are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Godmanchester in which case you should be looking for a Godmanchester conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your lawyer should advise you fully on all the issues.
Back In 2000, I bought a leasehold flat in Godmanchester. Conveyancing and Alliance & Leicester mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Godmanchester who previously acted has now retired.What should I do?
First contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Godmanchester conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a couple of apartments in Godmanchester both have in the region of fifty years unexpired on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Godmanchester is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most purchasers and banks, leases with less than 75 years become less and less marketable. 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 premises 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 Godmanchester 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
Godmanchester Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing
It would be sensible to discover if there is anything that is prohibited in the lease. For instance some leases prohibit pets being allowed in in a block in Godmanchester. If you love the apartmentin Godmanchester however your cat can’t make the move with you then you have a very difficult compromise.
What is the name of the managing agents?
Generally speaking the cost for major works tend not to be built into the service charges, although some managing agents in Godmanchester ask leaseholders to contribute towards a sinking fund created for the specific purpose of establishing a fund for larger works.