Examples of recent questions relating to leasehold conveyancing in Malpas
I would like to let out my leasehold apartment in Malpas. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your last Malpas conveyancing solicitor is no longer around you can review your lease to see if you are permitted to let out the premises. The accepted inference is that if the deeds are silent, subletting is permitted. Quite often there is a prerequisite that you are obliged to seek permission via your landlord or some other party prior to subletting. The net result is you not allowed to sublet in the absence of prior consent. Such consent should not be unreasonably refused ore delayed. If your lease prohibits you from letting out the property you will need to ask your landlord for their consent.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Malpas. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in Malpas 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 purchasing in Malpas so you should seriously consider shopping around for a Malpas conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor will appraise you on the various issues.
I work for a long established estate agent office in Malpas where we see a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Malpas conveyancing solicitors. Can you clarify whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
Can you provide any advice for leasehold conveyancing in Malpas with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Malpas can be avoided if you appoint lawyers as soon as you market your property and ask them to collate the leasehold information needed by the buyers lawyers.
- If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Malpas state that internal structural alterations or addition of wooden flooring require a licence from the Landlord approving such works. Where you fail to have the paperwork to hand you should not contact the landlord without checking with your solicitor first.
Are there common deficiencies that you come across in leases for Malpas properties?
Leasehold conveyancing in Malpas is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- 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.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Coventry Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.
Leasehold Conveyancing in Malpas - A selection of Queries before buying
Are there any major works on the horizon that will add a premium to the service charges?
It would be wise to discover as much as you can regarding the managing agents as they will either make your living at the property much easier or uncomfortable. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to every day matters like the cleanliness of the common parts. You should not be shy to ask prospective neighbours if they are happy with them. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and specifically what you get for your money.
The best form of lease structure is if the freehold title is in the ownership of the leaseholders. In this situation the leaseholders benefit from being in charge if their destiny and although a managing agent is frequently retained if it is larger than a house conversion, the managing agent acts for the leaseholders themselves.