Examples of recent questions relating to leasehold conveyancing in Idle
I am on look out for some leasehold conveyancing in Idle. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Idle - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Frank (my husband) and I may need to let out our Idle garden flat temporarily due to taking a sabbatical. We instructed a Idle conveyancing practice in 2003 but they have since shut and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
Notwithstanding that your last Idle conveyancing lawyer is not around you can review your lease to check if it allows you to sublet the property. The rule is that if the deeds are silent, subletting is allowed. There may be a precondition that you must seek consent via your landlord or some other party before subletting. The net result is you not allowed to sublet without prior permission. The consent is not allowed to be unreasonably refused ore delayed. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I am attracted to a couple of flats in Idle both have in the region of 50 years remaining on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Idle is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most buyers and banks, leases with less than 75 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 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 Idle 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 the agreed 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.
Last month I purchased a leasehold property in Idle. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).
Completion in due on our sale of a £500000 flat in Idle on Tuesday in a week. The managing agents has quoted £300 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Idle?
Idle conveyancing on leasehold maisonettes nine out of ten times involves fees being levied by freeholders :
- Completing conveyancing due diligence questions
- Where consent is required before sale in Idle
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Idle Leasehold Conveyancing - A selection of Queries Prior to Purchasing
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What is the annual service fee and ground rent?
It is important to be aware if window replacement or some other major work is due in the foreseeable future to be shared by the leasehold owners and may well materially impact the level of the maintenance fees or require a specific payment.
The prefered form of lease arrangement is if the freehold title is in the ownership of the leaseholders. In this arrangement the lessees have being in charge if their destiny and although a managing agent is often employed where it is bigger than a house conversion, the managing agent retained by the leaseholders.
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