Recently asked questions relating to Marlow leasehold conveyancing
I am in need of some leasehold conveyancing in Marlow. Before I get started I want to be sure as to the unexpired term of the lease.
If the lease is registered - and 99.9% are in Marlow - 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.
My fiance and I may need to sub-let our Marlow basement flat for a while due to a new job. We used a Marlow conveyancing firm in 2002 but they have closed and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
A lease governs the relationship between the freeholder and you the flat owner; in particular, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Marlow do not prevent an absolute prevention of subletting – such a clause would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I am looking at a couple of maisonettes in Marlow which have about forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena
I've recently bought a leasehold flat in Marlow. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
When it comes to leasehold conveyancing in Marlow what are the most common lease defects?
Leasehold conveyancing in Marlow is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements 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
You will encounter 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. Birmingham Midshires, Norwich and Peterborough Building Society, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
Leasehold Conveyancing in Marlow - Examples of Queries before buying
The best form of lease arrangement is a share of the freehold. In this arrangement the lessees have control and even though a managing agent is frequently employed where it is bigger than a house conversion, the managing agent is directed by the tenants.
Are any of leasehold owners in dispute over their service charge payments?
On the whole the outlay for major works are not built into the service charges, although a few managing agents in Marlow require tenants to pay into a reserve fund and this is used to offset against larger works.