Questions and Answers: Padstow leasehold conveyancing
I am on look out for some leasehold conveyancing in Padstow. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Padstow - 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.
I would like to let out my leasehold flat in Padstow. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your last Padstow conveyancing solicitor is no longer around you can review your lease to see if it allows you to sublet the apartment. The rule is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you must seek consent from your landlord or other appropriate person in advance of subletting. This means you not allowed to sublet without prior consent. Such consent must not not be unreasonably turned down. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I am a negotiator for a reputable estate agency in Padstow where we see a few flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Padstow conveyancing solicitors. Can you shed some light as to whether the seller of a flat can start the lease extension formalities for the buyer?
As long as 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. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
Can you offer any advice when it comes to choosing a Padstow conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Padstow conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Padstow conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- How familiar is the practice with lease extension legislation?
Are there frequently found deficiencies that you come across in leases for Padstow properties?
There is nothing unique about leasehold conveyancing in Padstow. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You could encounter 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. Accord Mortgages Ltd, Virgin Money, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.
Padstow Leasehold Conveyancing - Sample of Queries Prior to buying
Does this lease have more than 82 years left?
Make sure you enquire if the the lease contains any adverse restrictions in the lease. For instance it is very common in Padstow leases that pets are not permitted in certain buildings in Padstow. If you love the propertyin Padstow but your cat can’t live with you then you will be faced difficult determination.
Where a Padstow lease has fewer than 80 years it will affect the value of the property. It is worth checking with your mortgage company that they are happy with the length of the lease. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you would be required to have been the owner of the residence for 24 months before you are legally able to extend the lease.