Common questions relating to Malden Rushett leasehold conveyancing
Frank (my husband) and I may need to let out our Malden Rushett ground floor flat temporarily due to taking a sabbatical. We instructed a Malden Rushett conveyancing firm in 2003 but they have since shut and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
Some leases for properties in Malden Rushett 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 review 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 permission.
I have just started marketing my ground floor apartment in Malden Rushett.Conveyancing has not commenced but I have just received a half-yearly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the invoice 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 until 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am attracted to a couple of apartments in Malden Rushett both have about forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Malden Rushett. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field
Can you provide any advice for leasehold conveyancing in Malden Rushett from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Malden Rushett can be avoided if you appoint lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
- The majority freeholders or managing agents in Malden Rushett levy fees for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding 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 frequent reason for delay in leasehold conveyancing in Malden Rushett.
I am the proprietor of a ground-floor 1960’s flat in Malden Rushett. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?
You certainly can. We can put you in touch with a Malden Rushett conveyancing firm who can help.
An example of a Lease Extension case for a Malden Rushett property is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.
When it comes to leasehold conveyancing in Malden Rushett what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Malden Rushett. Most leases are individual and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Royal Bank of Scotland, and Britannia all have very detailed 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, forcing the buyer to pull out.