Newmarket leasehold conveyancing: Q and A’s
My partner and I may need to rent out our Newmarket garden flat for a while due to a new job. We used a Newmarket conveyancing firm in 2001 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?
Some leases for properties in Newmarket 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 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.
Looking forward to sign contracts shortly on a studio apartment in Newmarket. Conveyancing lawyers inform me that they report fully on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Newmarket should include some of the following:
- Will you be prohibited or prevented from having pets in the property?
Back In 2002, I bought a leasehold flat in Newmarket. Conveyancing and Platform Home Loans Ltd mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Newmarket who previously acted has now retired.What should I do?
First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Newmarket conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I've recently bought a leasehold house in Newmarket. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am a negotiator for a busy estate agency in Newmarket where we have experienced a few flat sales derailed due to short leases. I have been given inconsistent advice from local Newmarket conveyancing firms. Could you clarify whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that 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. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
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.
Newmarket Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing
-
How is the lease structured?
Who takes responsibility for maintaining and repairing the building?
You will want to find out as much as you can regarding the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to daily issues like the cleanliness of the common parts. Ask other tenants whether they are happy with them. Finally, investigate as to the dates that the maintenance charges are due to the appropriate party and precisely how they are spending the funds.
Other Topics