Questions and Answers: Little Burstead leasehold conveyancing
I am on look out for some leasehold conveyancing in Little Burstead. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Little Burstead - then the leasehold title will always include the basic details 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.
Harry (my fiance) and I may need to sub-let our Little Burstead 1st floor flat for a while due to taking a sabbatical. We used a Little Burstead conveyancing practice 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 lease governs relations between the freeholder and you the flat owner; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Little Burstead do not contain subletting altogether – such a clause would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
Estate agents have just been given the go-ahead to market my basement flat in Little Burstead.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am tempted by the attractive purchase price for a couple of maisonettes in Little Burstead both have approximately fifty years left on the leases. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this area
Can you provide any top tips for leasehold conveyancing in Little Burstead with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Little Burstead can be avoided where you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold information which will be required by the purchasers’ solicitors.
- The majority freeholders or Management Companies in Little Burstead levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Little Burstead.
Leasehold Conveyancing in Little Burstead - Examples of Queries Prior to Purchasing
The prefered form of lease structure is a share of the freehold. In this situation the lessees enjoy 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 employed by the leaseholders.
Is there a share of the freehold?
The answer will be helpful as a) areas may result in problems for the block as the common areas may begin to deteriorate if maintenance remain unpaid b) if the tenants have an issue with the running of the building you will wish to have all the details