Top Five Questions relating to Northwich leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Northwich. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Northwich - then the leasehold title will always include the short particulars 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 husband and I may need to let out our Northwich basement flat for a while due to a new job. We instructed a Northwich conveyancing practice in 2003 but they have since shut and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?
Your lease governs relations between the landlord and you the leaseholder; in particular, it will say if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Northwich do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it more attractive. I have since discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Northwich. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in Northwich are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Northwich so you should seriously consider looking for a Northwich conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your lawyer should advise you fully on all the issues.
I am looking at a couple of apartments in Northwich both have in the region of forty five years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Northwich is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and lenders, leases with less than 75 years become less and less marketable. On a more positive 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 a residence 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 Northwich 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 makes a Northwich lease unacceptable for security purposes?
Leasehold conveyancing in Northwich is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, The Mortgage Works, and Aldermore all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I am the registered owner of a 1 bedroom flat in Northwich, conveyancing having been completed 1997. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Northwich with an extended lease are worth £235,000. The ground rent is £55 yearly. The lease ceases on 21st October 2091
With only 70 years unexpired the likely cost is going to be between £10,500 and £12,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.