Old Windsor leasehold conveyancing: Q and A’s
My husband and I may need to rent out our Old Windsor basement flat temporarily due to a career opportunity. We used a Old Windsor conveyancing practice in 2001 but they have closed and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
A small minority of properties in Old Windsor do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience suggests 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 permission.
I am hoping to exchange soon on a garden flat in Old Windsor. Conveyancing solicitors inform me that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Old Windsor should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Old Windsor. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Old Windsor ?
The majority of houses in Old Windsor 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 buying in Old Windsor so you should seriously consider looking for a Old Windsor conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your lawyer will advise you fully on all the issues.
I am a negotiator for a reputable estate agency in Old Windsor where we have witnessed a number of flat sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Old Windsor conveyancing firms. Please can you clarify whether the seller of a flat can instigate the lease extension formalities 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. The benefit of this is that the proposed purchaser 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 prior to, or at the same time as completion of the sale.
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.
When it comes to leasehold conveyancing in Old Windsor what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Old Windsor. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Leeds Building Society, and Platform Home Loans Ltd all have very detailed 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 provide security, obliging the buyer to withdraw.
Old Windsor Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing
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Who manages the building?
Does the lease have more than 82 years left?
It would be prudent to find out as much as possible concerning the managing agents as they can either make your life much simpler or problematic. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to daily issues such as the cleanliness of the common parts. Enquire of other tenants whether they are happy with their service. In conclusion, investigate as to the dates that the maintenance charges are due to the relevant party and precisely what you get for your money.
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