Examples of recent questions relating to leasehold conveyancing in Marshalls Park
I am on look out for some leasehold conveyancing in Marshalls Park. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Marshalls Park - then the leasehold title will always include the basic details 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 sub-let our Marshalls Park 1st floor flat temporarily due to a new job. We used a Marshalls Park conveyancing practice in 2004 but they have closed and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
Some leases for properties in Marshalls Park do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I am hoping to sign contracts shortly on a studio apartment in Marshalls Park. Conveyancing solicitors assured me that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Marshalls Park should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
I am a negotiator for a busy estate agency in Marshalls Park where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Marshalls Park conveyancing solicitors. Please can you confirm whether the owner of a flat can instigate the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
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 buyer.
What are your top tips when it comes to choosing a Marshalls Park conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Marshalls Park conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Marshalls Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- Can they put you in touch with client in Marshalls Park who can give a testimonial?
Leasehold Conveyancing in Marshalls Park - Examples of Questions you should ask before buying
You should be aware if it is fewer than 80 years it will have adverse implications on the marketability of the property. Check with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth finding out what this will be. For most Marshalls Parklease extensions you will need to own the premises for a couple of years in order to be legally able to extend the lease.
Best to be warned whether changing the roof or some other major work is due in the foreseeable future to be shared by the leaseholders and will materially impact the level of the maintenance charges or require a specific payment.
Who takes charge for maintaining and repairing the block?