Godmanchester leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Godmanchester. Before diving in I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Godmanchester - then the leasehold title will always include the short particulars 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 Godmanchester garden flat for a while due to taking a sabbatical. We used a Godmanchester conveyancing firm in 2004 but they have since shut and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
Notwithstanding that your previous Godmanchester conveyancing lawyer is no longer available you can review your lease to check if it allows you to sublet the premises. The accepted inference is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you are obliged to obtain consent via your landlord or some other party in advance of subletting. This means that you cannot sublet without prior consent. The consent must not not be unreasonably turned down. If the lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.
I am hoping to exchange soon on a studio apartment in Godmanchester. Conveyancing lawyers assured me that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Godmanchester should include some of the following:
- The total extent of the demise. This will be the apartment itself but may include a roof space or cellar if appropriate.
I am tempted by the attractive purchase price for a couple of maisonettes in Godmanchester which have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Godmanchester. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena
Can you offer any advice when it comes to appointing a Godmanchester conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Godmanchester conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Godmanchester conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How many lease extensions has the firm conducted in Godmanchester in the last twenty four months?
Leasehold Conveyancing in Godmanchester - Sample of Queries Prior to buying
Where a Godmanchester lease has fewer than eighty years it will affect the salability of the property. It is worth checking with your lender that they are happy with the length of the lease. A short lease means that you will almost definitely require a lease extension sooner rather than later and you need to have some idea of how much this will be. For most Godmanchesterlease extensions you would be be obliged to have been the owner of the premises for 24 months in order to be entitled to exercise a lease extension.
Are any of leasehold owners in dispute over their service charge liability?
What is the name of the managing agents?