Top Five Questions relating to High Wycombe leasehold conveyancing
I would like to sublet my leasehold apartment in High Wycombe. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Your lease dictates relations between the freeholder and you the leaseholder; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in High Wycombe do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
Having checked my lease I have discovered that there are only Seventy years unexpired on my lease in High Wycombe. I am keen to extend my lease but my freeholder is absent. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have used your best endeavours to locate the freeholder. On the whole a specialist should be useful to carry out a search and to produce a report which can be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court covering High Wycombe.
I today plan to offer on a house that appears to be perfect, at a great price which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in High Wycombe. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in High Wycombe ?
Most houses in High Wycombe are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in High Wycombe in which case you should be shopping around for a High Wycombe conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will advise you fully on all the issues.
I am employed by a reputable estate agent office in High Wycombe where we see a few flat sales put at risk due to short leases. I have been given contradictory information from local High Wycombe conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence 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 has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 purchaser.
Can you provide any advice for leasehold conveyancing in High Wycombe with the intention of saving time on the sale process?
- Much of the delay in leasehold conveyancing in High Wycombe can be avoided if you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers.
- In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? High Wycombe leases often stipulate that internal structural changes or installing wooden flooring calls for a licence from the Landlord acquiescing to such works. Where you dont have the consents in place do not communicate with the landlord without contacting your conveyancer in advance.
High Wycombe Leasehold Conveyancing - Examples of Questions you should consider before Purchasing
Please tell me if there are any major works on the horizon that could add a premium to the maintenance costs?
The prefered form of lease structure is a share of the freehold. In this situation the lessees have control and even though a managing agent is often employed if it is larger than a house conversion, the managing agent retained by the leaseholders.
This information is important as a) areas can result in problems for the block as the common areas may start to deteriorate where repairs are not paid for b) if the leaseholders have an issue with the running of the building you will wish to know about it