Sample questions relating to Horfield leasehold conveyancing
I would like to sublet my leasehold apartment in Horfield. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your previous Horfield conveyancing lawyer is not around you can check your lease to check if it allows you to sublet the premises. The rule is that if the lease is silent, subletting is allowed. There may be a precondition that you are obliged to seek consent from your landlord or some other party prior to subletting. The net result is that you cannot sublet in the absence of first obtaining consent. The consent must not not be unreasonably refused ore delayed. If your lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Horfield. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Horfield ?
Most houses in Horfield are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Horfield so you should seriously consider looking for a Horfield conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer will advise you fully on all the issues.
I am tempted by the attractive purchase price for a couple of apartments in Horfield both have approximately fifty years remaining on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Horfield is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of purchasers and lenders, 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 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 Horfield 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 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £400000 flat in Horfield next week. The management company has quoted £408 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Horfield?
For the majority of leasehold sales in Horfield conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-exchange enquiries
- Where consent is required before sale in Horfield
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Horfield lease defective?
There is nothing unique about leasehold conveyancing in Horfield. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair 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 can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Mortgage Works, and Bank of Ireland 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 provide security, obliging the buyer to pull out.
Horfield Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to buying
How much is the maintenance charge and ground rent on the flat?
It is important to be aware if fixing the lift or some other major work is coming up to be shared by the tenants and may well materially increase the the service charges or result in a specific invoice.
Is the freehold owned jointly by the leaseholders?