Top Five Questions relating to Hale Barns leasehold conveyancing
My fiance and I may need to rent out our Hale Barns garden flat temporarily due to taking a sabbatical. We used a Hale Barns conveyancing firm in 2003 but they have closed and we did not have the foresight to get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your last Hale Barns conveyancing lawyer is no longer around you can check your lease to see if it allows you to sublet the property. The accepted inference is that if the deeds are silent, subletting is permitted. There may be a precondition that you must obtain permission from your landlord or some other party prior to subletting. This means that you cannot sublet without first obtaining permission. The consent is not allowed to be unreasonably refused ore delayed. If your lease prohibits you from subletting the property you should ask your landlord for their consent.
I am looking at a two maisonettes in Hale Barns which have approximately forty five years unexpired on the leases. should I be concerned?
There are no two ways about it. A leasehold flat in Hale Barns is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the premises. For most purchasers and banks, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 premises 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 Hale Barns conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
What are your top tips when it comes to choosing a Hale Barns conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Hale Barns conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Hale Barns conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How many lease extensions have they conducted in Hale Barns in the last twenty four months?
Do you have any advice for leasehold conveyancing in Hale Barns from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Hale Barns can be avoided if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the buyers representatives.
- Many landlords or Management Companies in Hale Barns charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Hale Barns.
What makes a Hale Barns lease problematic?
Leasehold conveyancing in Hale Barns is not unique. All leases are individual and drafting errors can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- Insurance obligations
- 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 as they can affect a potential buyer’s ability to obtain a mortgage. Santander, The Royal Bank of Scotland, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.
Leasehold Conveyancing in Hale Barns - A selection of Questions you should consider Prior to buying
How long is the Lease?
It is important to be aware if window replacement or some other significant cost is anticipated to be shared between the leasehold owners and could well materially impact the level of the maintenance fees or result in a specific payment.
Is anyone aware of any major works in the planning that could add a premium to the maintenance fees?