Frequently asked questions relating to Cowley leasehold conveyancing
I am in need of some leasehold conveyancing in Cowley. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is registered - and almost all are in Cowley - 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.
My partner and I may need to let out our Cowley basement flat temporarily due to a career opportunity. We instructed a Cowley conveyancing practice in 2002 but they have since shut and we did not think at the time seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Cowley do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience suggests 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 permission.
I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Cowley. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
Most houses in Cowley are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Cowley so you should seriously consider looking for a Cowley conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your lawyer will report to you on the legal implications.
I've recently bought a leasehold property in Cowley. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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).
I am employed by a long established estate agent office in Cowley where we have witnessed a number of leasehold sales jeopardised due to short leases. I have been given inconsistent advice from local Cowley conveyancing firms. Can you confirm whether the seller of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start 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 sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
I have given up negotiating a lease extension in Cowley. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing freeholder or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to make a decision on the sum to be paid.
An example of a Freehold Enfranchisement case for a Cowley premises is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case affected 2 flats. The the unexpired residue of the current lease was 69 years.
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