Leasehold Conveyancing in Markyate - Get a Quote from the leasehold experts approved by your lender

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Common questions relating to Markyate leasehold conveyancing

I am in need of some leasehold conveyancing in Markyate. Before diving in I want to be sure as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Markyate - 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.

Harry (my fiance) and I may need to let out our Markyate garden flat for a while due to taking a sabbatical. We instructed a Markyate conveyancing practice in 2002 but they have since shut and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?

Notwithstanding that your previous Markyate conveyancing lawyer is no longer available you can review your lease to see if it allows you to sublet the apartment. 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 consent from your landlord or some other party prior to subletting. This means you not allowed to sublet in the absence of first obtaining consent. Such consent is not allowed to be unreasonably refused ore delayed. If your lease prohibits you from letting out the property you should ask your landlord for their consent.

I am tempted by the attractive purchase price for a couple of maisonettes in Markyate which have in the region of forty five years left on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Markyate is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and banks, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Markyate conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Can you provide any top tips for leasehold conveyancing in Markyate with the purpose of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in Markyate can be bypassed where you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the purchasers’ lawyers.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Markyate leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such works. If you fail to have the paperwork in place you should not communicate with the landlord without contacting your lawyer in advance.
  • A minority of Markyate leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying 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 lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a flat where a dispute is unresolved. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unsettled.
  • If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share document. Organising a new share certificate can be a time consuming process and delays many a Markyate conveyancing deal. If a duplicate share certificate is needed, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.

    • When it comes to leasehold conveyancing in Markyate what are the most common lease problems?

    Leasehold conveyancing in Markyate is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the property
    • 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

    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. Lloyds TSB Bank, Bank of Scotland, and Platform Home Loans Ltd 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 grant the mortgage, forcing the purchaser to withdraw.

    Leasehold Conveyancing in Markyate - A selection of Queries before buying

      Does the lease contain onerous restrictions? Plenty Markyate leasehold apartments will incur a service bill for the upkeep of the block set by the management company. If you purchase the property you will have to pay this contribution, usually quarterly accross the year. This may be anything from two or three hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent for you to pay annual, normally this is not a significant sum, say around £25-£75 but you should to enquire as sometimes it can be many hundreds of pounds. Are any of leasehold owners in arrears of their service charge liability?

    Other Topics

    Lease Extensions in Markyate