Top Five Questions relating to Godmanchester leasehold conveyancing
I am in need of some leasehold conveyancing in Godmanchester. Before I get started I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - 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 wish to sublet my leasehold apartment in Godmanchester. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your last Godmanchester conveyancing lawyer is no longer available you can review your lease to see if it allows you to sublet the property. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you must seek permission via your landlord or other appropriate person before subletting. This means you not allowed to sublet in the absence of first obtaining permission. Such consent is not allowed to be unreasonably refused ore delayed. If your lease does not allow you to sublet you should ask your landlord for their consent.
Do you have any advice for leasehold conveyancing in Godmanchester from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Godmanchester can be avoided where you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
- The majority landlords or Management Companies in Godmanchester charge for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Godmanchester.
We expect to complete the sale of our £300000 maisonette in Godmanchester on Tuesday in a week. The management company has quoted £396 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Godmanchester?
Godmanchester conveyancing on leasehold flats normally involves the purchaser’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to address these enquiries the majority will be content to assist. They are at liberty levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some transactions it is in excess of £800. The management information fee demanded by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. In reality you have no option but to pay whatever is demanded if you want to exchange contracts with the buyer.
What are the common problems that you see in leases for Godmanchester properties?
Leasehold conveyancing in Godmanchester is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Leeds Building Society, and TSB 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 defective they may refuse to grant the mortgage, forcing the buyer to pull out.
Godmanchester Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
The prefered form of lease arrangement is if the freehold interest is in the ownership of the leaseholders. In this situation the tenants benefit from control and although a managing agent is frequently employed where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
Make sure you discover if the the lease contains any onerous restrictions in the lease. By way of example it is very common in Godmanchester leases that pets are not permitted in in a block in Godmanchester. If you love the flatin Godmanchester however your dog is not allowed to live with you then you will be faced hard determination.
Is there a share of the freehold?