Gwernaffield leasehold conveyancing Example Support Desk Enquiries
My partner and I may need to rent out our Gwernaffield garden flat for a while due to taking a sabbatical. We used a Gwernaffield conveyancing firm in 2001 but they have closed and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
Your lease governs relations between the landlord and you the flat owner; in particular, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Gwernaffield do not prevent an absolute prevention of subletting – such a clause would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I am tempted by the attractive purchase price for a two maisonettes in Gwernaffield both have about fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Gwernaffield is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of purchasers and banks, leases with less than eighty 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 a residence 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 Gwernaffield 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 any new 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.
I am employed by a busy estate agent office in Gwernaffield where we have experienced a few leasehold sales put at risk as a result of short leases. I have been given inconsistent advice from local Gwernaffield conveyancing firms. Could you shed some light as to whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Can you offer any advice when it comes to finding a Gwernaffield conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Gwernaffield conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Gwernaffield conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- If the firm is not ALEP accredited then what is the reason?
Do you have any top tips for leasehold conveyancing in Gwernaffield with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Gwernaffield can be avoided if you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ representatives.
- If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Gwernaffield state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord acquiescing to such alterations. If you dont have the approvals to hand you should not communicate with the landlord without contacting your conveyancer in the first instance.
Gwernaffield Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to buying
Who are the managing agents?
The prefered form of lease structure is a share of the freehold. In this situation the leaseholders enjoy being in charge if their destiny and even though a managing agent is frequently employed where it is bigger than a house conversion, the managing agent employed by the leaseholders.
Plenty Gwernaffield leasehold flats will be liable to pay a service bill for the upkeep of the building levied on behalf of the freeholder. Where you purchase the flat you will have to meet this contribution, usually periodically throughout the year. This can vary from two or three hundred pounds to thousands of pounds for blocks with lifts and large common grounds. There will also be a ground rent for you to pay annual, this is usually not a large figure, say around £25-£75 but you should to enquire it because sometimes it can be surprisingly expensive.