Moor Row leasehold conveyancing: Q and A’s
I want to let out my leasehold flat in Moor Row. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Notwithstanding that your previous Moor Row conveyancing solicitor is no longer around you can review your lease to see if you are permitted to let out the property. The rule is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you are obliged to obtain consent from your landlord or other appropriate person prior to subletting. This means you not allowed to sublet in the absence of first obtaining permission. The consent must not not be unreasonably refused ore delayed. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I am tempted by the attractive purchase price for a couple of maisonettes in Moor Row which have in the region of fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Moor Row. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area
I am employed by a reputable estate agent office in Moor Row where we have witnessed a number of leasehold sales put at risk as a result of short leases. I have received inconsistent advice from local Moor Row conveyancing solicitors. Please can you clarify whether the seller of a flat can commence the lease extension process for the buyer?
As long as the seller has been the owner 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. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 Moor Row conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Moor Row conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Moor Row conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Moor Row from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Moor Row can be bypassed where you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ representatives.
- The majority freeholders or managing agents in Moor Row charge for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Moor Row.
Leasehold Conveyancing in Moor Row - Examples of Queries before buying
You will want to discover as much as possible about the managing agents as they can either make life much easier or uncomfortable. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to day to day matters like the cleanliness of the common parts. Don't be afraid to ask prospective neighbours if they are happy with their management. On a final note, find out the dates that the maintenance fees are due to the managing agents and precisely what you get for your money.
How is the lease structured?
This question is useful as a) areas can cause problems in the building as the communal areas may begin to deteriorate where maintenance remain unpaid b) if the leasehold owners have a dispute with the running of the building you will need to have all the details