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Common questions relating to Manningtree leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Manningtree. Before I get started I require certainty as to the number of years remaining on the lease.

If the lease is registered - and most are in Manningtree - 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.

I wish to let out my leasehold apartment in Manningtree. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

A lease dictates relations between the landlord and you the leaseholder; specifically, it will say if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Manningtree do not contain subletting altogether – such a clause would adversely affect the market value the property. 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 2 bed flat in Manningtree.Conveyancing has not commenced but I have just received a yearly service charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should pay 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 managing agents 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 looking at a couple of maisonettes in Manningtree both have in the region of fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Manningtree. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the value of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this field

Do you have any top tips for leasehold conveyancing in Manningtree from the perspective of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in Manningtree can be reduced if you instruct lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers lawyers.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Manningtree state that internal structural changes or laying down wooden flooring require a licence from the Landlord acquiescing to such works. If you fail to have the approvals in place you should not communicate with the landlord without contacting your lawyer first.
  • Some Manningtree leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you hold a share in a the Management Company, you should make sure that you are holding the original share certificate. Arranging a duplicate share certificate is often a lengthy process and delays many a Manningtree conveyancing transaction. Where a duplicate share is required, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible.
  • You believe that you know the number of years left on your lease but you should verify this by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is under 80 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Manningtree Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying

      The prefered form of lease arrangement is if the freehold reversion is in the ownership of the leaseholders. In this situation the tenants have control and although a managing agent is often employed where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Is the freehold reversion owned collectively by the leaseholders? Plenty Manningtree leasehold properties will be liable to pay a service bill for the upkeep of the block invoiced on behalf of the management company. Should you purchase the property you will have to meet this amount, normally in instalments throughout the year. This may vary from several hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent to be met yearly, this is usually not a significant amount, say approximately £25-£75 but you should to check as occasionally it could be surprisingly expensive.

    Other Topics

    Lease Extensions in Manningtree