Recently asked questions relating to Mossley leasehold conveyancing
Frank (my husband) and I may need to rent out our Mossley ground floor flat for a while due to a new job. We used a Mossley conveyancing firm in 2003 but they have since shut and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your previous Mossley conveyancing lawyer is no longer available you can review your lease to check if you are permitted to let out the apartment. The rule is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you are obliged to seek consent via your landlord or some other party in advance of subletting. The net result is that you cannot sublet without prior permission. The consent is not allowed to be unreasonably refused ore delayed. If the lease prohibits you from letting out the property you will need to ask your landlord for their consent.
Having checked my lease I have discovered that there are only 72 years remaining on my lease in Mossley. I need to extend my lease but my freeholder is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to find the lessor. In some cases a specialist would be useful to carry out a search and prepare an expert document which can be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to investigating the landlord’s absence and the application to the County Court overseeing Mossley.
I've found a house that seems to meet my requirements, at a great price which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Mossley. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Mossley ?
The majority of houses in Mossley are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Mossley in which case you should be shopping around for a Mossley conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will report to you on the legal implications.
I am tempted by the attractive purchase price for a two apartments in Mossley both have in the region of forty five years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Mossley is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and banks, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Mossley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What advice can you give us when it comes to choosing a Mossley conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Mossley conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Mossley conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- How experienced is the practice with lease extension legislation?
Leasehold Conveyancing in Mossley - A selection of Queries before Purchasing
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It would be prudent to find out as much as you can regarding the managing agents as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to every day matters like the tidiness of the communal areas. Ask other people if they are happy with their management. In conclusion, be sure you understand the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money.
It is important to be aware if changing the roof or some other major work is coming up that will be shared amongst the tenants and could well dramatically impact the level of the service costs or necessitate a one off invoice.
Is the freehold reversion owned collectively by the tenants?
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