Examples of recent questions relating to leasehold conveyancing in Great Missenden
I wish to sublet my leasehold flat in Great Missenden. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your last Great Missenden conveyancing solicitor is no longer available you can review your lease to see if you are permitted to let out the premises. The accepted inference is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you must obtain consent via your landlord or some other party prior to subletting. This means that you cannot sublet in the absence of prior consent. The consent should not be unreasonably refused ore delayed. If the lease prohibits you from letting out the property you will need to ask your landlord if they are willing to waive this restriction.
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Great Missenden. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
Most houses in Great Missenden are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Great Missenden so you should seriously consider looking for a Great Missenden conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer will report to you on the legal implications.
I've recently bought a leasehold property in Great Missenden. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Do you have any advice for leasehold conveyancing in Great Missenden with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Great Missenden can be reduced where you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ conveyancers.
- The majority landlords or Management Companies in Great Missenden charge for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Great Missenden.
In relation to leasehold conveyancing in Great Missenden what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Great Missenden. Most leases is drafted differently and drafting errors can result in certain provisions are wrong. 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
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, The Mortgage Works, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to pull out.
Leasehold Conveyancing in Great Missenden - A selection of Questions you should ask before buying
How many of the leaseholders are in arrears for their service charge payments?
Can you inform me if there are any major works in the planning that could increase the service costs?
If a Great Missenden lease has fewer than 80 years it will impact the value of the flat. Check with your bank that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining 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. Remember, in most cases you would need to own the property for 24 months before you are eligible to extend the lease.