Examples of recent questions relating to leasehold conveyancing in Lytchett Matravers
My husband and I may need to sub-let our Lytchett Matravers 1st floor flat for a while due to a new job. We used a Lytchett Matravers 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 permits subletting. How do we find out?
The lease governs the relationship between the landlord and you the leaseholder; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Lytchett Matravers do not contain strict prohibition on subletting – such a clause would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I have just appointed agents to market my basement apartment in Lytchett Matravers.Conveyancing is yet to be initiated but I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear 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 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 two apartments in Lytchett Matravers which have about forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Lytchett Matravers. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this area
We expect to complete our sale of a £225000 maisonette in Lytchett Matravers next Friday . The landlords agents has quoted £324 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Lytchett Matravers?
Lytchett Matravers conveyancing on leasehold maisonettes normally involves the purchaser’s conveyancer submitting questions for the landlord to answer. Although the landlord is not legally bound to answer such questions the majority will be content to assist. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is above £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, without which the charge is technically not due. Reality however dictates that one has no option but to pay whatever is requested of you should you wish to complete the sale of your home.
In relation to leasehold conveyancing in Lytchett Matravers what are the most frequent lease defects?
Leasehold conveyancing in Lytchett Matravers is not unique. All leases is drafted differently and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts 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. Barclays , Virgin Money, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.
Lytchett Matravers Leasehold Conveyancing - Examples of Queries Prior to buying
It is important to be aware whether redecorating or some other significant cost is coming up to be shared between the leaseholders and may well dramatically increase the the maintenance costs or result in a specific payment.
Is anyone aware of any major works anticipated that could add a premium to the maintenance fees?
Make sure you find out if there is anything that is prohibited in the lease. For instance some leases prohibit pets being permitted in certain buildings in Lytchett Matravers. If you love the flatin Lytchett Matravers but your cat is not allowed to move with you then you have a very difficult determination.