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Common questions relating to Minehead leasehold conveyancing

I am on look out for some leasehold conveyancing in Minehead. Before diving in I want to be sure as to the remaining lease term.

If the lease is recorded at the land registry - and most are in Minehead - 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.

I am intending to let out my leasehold flat in Minehead. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

A small minority of properties in Minehead do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience dictates 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 consent.

I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Minehead. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Minehead ?

The majority of houses in Minehead are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Minehead so you should seriously consider shopping around for a Minehead conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will advise you fully on all the issues.

I work for a busy estate agent office in Minehead where we have witnessed a few leasehold sales jeopardised due to short leases. I have received inconsistent advice from local Minehead conveyancing solicitors. Could you shed some light as to whether the owner of a flat can commence the lease extension formalities for the buyer?

Provided that 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 to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

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 purchaser.

Do you have any advice for leasehold conveyancing in Minehead from the perspective of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Minehead can be bypassed where you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers.
  • Some Minehead leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 any disputes with your landlord or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. 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 particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unresolved.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share certificate. Organising a re-issued share certificate can be a lengthy process and frustrates many a Minehead conveyancing transaction. Where a new share certificate is necessary, do contact the company officers or managing agents (if relevant) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is below 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Minehead Conveyancing for Leasehold Flats - Examples of Queries Prior to buying

      What prohibitions are contained in the Minehead Lease? It would be sensible to find out if there is anything that is prohibited in the lease. By way of example it is very common in Minehead leases that pets are not permitted in certain buildings in Minehead. If you like the apartmentin Minehead but your cat is not allowed to live with you then you have a very difficult choice. You should be aware that where the lease has less than 80 years it will affect the salability of the property. Check with your lender that they are happy with residual term of the lease. A short lease means that you will almost definitely need a lease extension at some point and it is worth finding out how much this will be. Remember, in most cases you would need to own the premises for a couple of years before you are legally able to extend the lease.

    Other Topics

    Lease Extensions in Minehead