Common questions relating to Market Weighton leasehold conveyancing
My husband and I may need to sub-let our Market Weighton garden flat temporarily due to a new job. We used a Market Weighton conveyancing practice in 2002 but they have closed and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your last Market Weighton conveyancing lawyer is no longer around you can check your lease to check if you are permitted to let out the apartment. The rule is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you must seek consent from your landlord or some other party prior to subletting. This means you not allowed to sublet without prior permission. Such consent must not not be unreasonably withheld. If the lease does not allow you to sublet you should ask your landlord for their consent.
I only have 62 years left on my flat in Market Weighton. I now want to extend my lease but my landlord is absent. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to prove that you have used your best endeavours to find the lessor. For most situations a specialist should be useful to conduct investigations and prepare an expert document which can be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a solicitor both on investigating the landlord’s absence and the vesting order request to the County Court covering Market Weighton.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Market Weighton. Conveyancing advisers have not yet been appointed. Will they explain the issues?
The majority of houses in Market Weighton are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Market Weighton in which case you should be looking for a Market Weighton conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your lawyer should appraise you on the various issues.
I am a negotiator for a reputable estate agency in Market Weighton where we have experienced a few leasehold sales put at risk as a result of short leases. I have been given conflicting advice from local Market Weighton conveyancing firms. Could you shed some light as to whether the vendor of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease 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 need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible 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 buyer.
Are there frequently found defects that you witness in leases for Market Weighton properties?
Leasehold conveyancing in Market Weighton is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- A duty to insure the building
- 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 problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Barnsley 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 grant the mortgage, obliging the buyer to pull out.
Market Weighton Leasehold Conveyancing - Examples of Questions you should ask before buying
How is the lease structured?
You will want to discover as much as you can about the company managing the block as they will either make living at the property much simpler or a lot more difficult. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to daily matters like the upkeep of the communal areas. Ask other people whether they are happy with their management. In conclusion, investigate as to the dates that the maintenance fees are due to the managing agents and precisely how they are spending the funds.
The answer will be useful as a) areas may result in problems in the block as the communal areas may start to deteriorate if repairs remain unpaid b) if the tenants have an issue with the managing agents you will need to have all the details