Sample questions relating to High Wycombe leasehold conveyancing
Frank (my husband) and I may need to rent out our High Wycombe 1st floor flat temporarily due to a career opportunity. We instructed a High Wycombe conveyancing firm in 2002 but they have since shut and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?
A small minority of properties in High Wycombe do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates 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 hoping to sign contracts shortly on a studio apartment in High Wycombe. Conveyancing solicitors assured me that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in High Wycombe should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it more attractive. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in High Wycombe. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
Most houses in High Wycombe are freehold rather than leasehold. This is one of the situations where having a local conveyancer 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 be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As 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 conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor will advise you fully on all the issues.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £450000 maisonette in High Wycombe in just under a week. The management company has quoted £300 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in High Wycombe?
High Wycombe conveyancing on leasehold maisonettes normally necessitates the purchaser’s solicitor submitting questions for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be willing to do so. They may invoice a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee required by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, otherwise the invoice is technically not due. In reality you have no option but to pay whatever is requested of you should you wish to sell the property.
In relation to leasehold conveyancing in High Wycombe what are the most common lease defects?
Leasehold conveyancing in High Wycombe is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- 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
You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Virgin Money, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
High Wycombe Leasehold Conveyancing - Sample of Queries before Purchasing
Be sure to discover if the the lease contains any onerous restrictions in the lease. For instance it is fairly common in High Wycombe leases that pets are not permitted in in a block in High Wycombe. If you like the flatin High Wycombe yet your dog can’t live with you then you have a very difficult choice.
Is the freehold reversion owned jointly by the tenants?
Its a good idea to discover as much as you can about the company managing the block as they will either make your life much easier or much more difficult. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to every day matters such as the tidiness of the communal areas. You should not be afraid to ask other people if they are happy with them. On a final note, investigate as to the dates that the service charges are due to the relevant party and specifically what you get for your money.