Common questions relating to Hazlemere leasehold conveyancing
Helen (my wife) and I may need to rent out our Hazlemere basement flat temporarily due to a career opportunity. We instructed a Hazlemere conveyancing firm in 2003 but they have closed and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?
Some leases for properties in Hazlemere do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I am looking at a couple of apartments in Hazlemere which have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Hazlemere is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less attractive. 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 property 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 Hazlemere 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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've recently bought a leasehold flat in Hazlemere. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner 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 ensure 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).
Can you offer any advice when it comes to finding a Hazlemere conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Hazlemere conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Hazlemere conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How experienced is the firm with lease extension legislation?
Completion in due on the sale of our £225000 apartment in Hazlemere on Thursday in a week. The landlords agents has quoted £408 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Hazlemere?
Hazlemere conveyancing on leasehold maisonettes nine out of ten times results in fees being raised by management companies :
- Addressing pre-contract questions
- Where consent is required before sale in Hazlemere
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Hazlemere Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
-
Best to be warned if redecorating or some other major work is due in the near future to be shared amongst the tenants and will materially increase the the maintenance charges or require a one time payment.
How many of the leaseholders are in arrears for their service charge payments?
Be sure to find out if the the lease includes any adverse restrictions in the lease. By way of example it is fairly common in Hazlemere leases that pets are not allowed in in a block in Hazlemere. If you love the apartmentin Hazlemere yet your dog is not allowed to make the move with you then you will be faced hard determination.
Other Topics