Fixed-fee leasehold conveyancing in Great Barford:

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Top Five Questions relating to Great Barford leasehold conveyancing

I am intending to rent out my leasehold flat in Great Barford. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

The lease governs relations between the landlord and you the flat owner; in particular, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Great Barford do not prevent an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.

Planning to complete next month on a garden flat in Great Barford. Conveyancing solicitors assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Great Barford should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The total extent of the demise. This will be the flat itself but might incorporate a loft or basement if applicable.
  • Defining your legal entitlements in relation to common areas in the building.By way of example, does the lease include a right of way over a path or hallways?
  • Does the lease prohibit wood flooring?
  • Will you be prohibited or prevented from having pets in the property?
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions) For details of the information to be included in your report on your leasehold property in Great Barford please enquire of your lawyer in advance of your conveyancing in Great Barford

    • I am tempted by the attractive purchase price for a two apartments in Great Barford both have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Great Barford. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area

    Do you have any top tips for leasehold conveyancing in Great Barford with the intention of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Great Barford can be bypassed where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers.
    • If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Great Barford state that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord approving such alterations. If you dont have the paperwork in place you should not contact the landlord without contacting your lawyer in the first instance.
  • A minority of Great Barford leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly 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 purchasers or their lawyers.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share document. Arranging a duplicate share certificate is often a lengthy formality and delays many a Great Barford conveyancing transaction. If a reissued share is required, do contact the company officers or managing agents (if applicable) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your conveyancers. A purchaser's conveyancer will not be happy to advise their client to where the lease term is less than 75 years. In the circumstances it is important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • Are there common problems that you come across in leases for Great Barford properties?

    There is nothing unique about leasehold conveyancing in Great Barford. All leases are unique and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the property
    • A duty to insure the building
    • 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 problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Bank of Scotland, and Godiva Mortgages Ltd all have express conveyancing instructions 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 buyer to pull out.

    Great Barford Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to buying

      In the main the cost for major works tend not to be built into the service charges, albeit that there some managing agents in Great Barford obliged leaseholders to contribute towards a reserve fund and this is used to offset against larger works. It is important to be aware if fixing the lift or some other significant cost is pending to be shared between the tenants and will materially impact the level of the service charges or result in a specific invoice. Are any of leasehold owners in arrears of their service charge payments?

    Other Topics

    Lease Extensions in Great Barford