Common questions relating to Moreton leasehold conveyancing
I am on look out for some leasehold conveyancing in Moreton. Before I get started I require certainty as to the remaining lease term.
If the lease is registered - and almost all are in Moreton - 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.
My wife and I may need to rent out our Moreton basement flat for a while due to taking a sabbatical. We used a Moreton conveyancing firm in 2001 but they have since shut and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
A lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Moreton do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
Due to sign contracts shortly on a ground floor flat in Moreton. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Moreton should include some of the following:
- The physical extent of the property. This will be the property itself but may include a roof space or basement if applicable.
I work for a reputable estate agent office in Moreton where we have witnessed a number of flat sales jeopardised as a result of short leases. I have received contradictory information from local Moreton conveyancing firms. Could you confirm 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 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 at the same time as completion of the sale.
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 buyer.
Completion in due on our sale of a £350000 garden flat in Moreton in six days. The management company has quoted £300 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Moreton?
Moreton conveyancing on leasehold maisonettes more often than not involves the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be content to do so. They are at liberty invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge levied by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, otherwise the charge is technically not due. In reality you have little option but to pay whatever is demanded if you want to sell the property.
Leasehold Conveyancing in Moreton - Examples of Queries before Purchasing
The answer will be useful as a) areas may result in problems for the building as the common areas may begin to deteriorate where maintenance remain unpaid b) if the leasehold owners have a dispute with the managing agents you will wish to have all the details
Does the lease have onerous restrictions?
What is the the remaining lease term?