Penistone leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Penistone. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Penistone - then the leasehold title will always include the basic details 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 fiance and I may need to rent out our Penistone 1st floor flat for a while due to taking a sabbatical. We used a Penistone conveyancing firm in 2001 but they have closed and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
Notwithstanding that your last Penistone conveyancing solicitor is not around you can review your lease to see if it allows you to sublet the property. The rule is that if the lease is silent, subletting is allowed. There may be a precondition that you need to seek permission via your landlord or some other party in advance of subletting. The net result is you not allowed to sublet in the absence of prior consent. Such consent is not allowed to be unreasonably withheld. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I have just started marketing my ground floor flat in Penistone.Conveyancing lawyers have not yet been instructed but I have just received a quarterly maintenance charge demand – Do I pay up?
It best that you discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
My wife and I purchased a leasehold house in Penistone. Conveyancing and Leeds Building Society mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Penistone who previously acted has now retired.Any advice?
The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is indeed the new freeholder. It is not necessary to instruct a Penistone conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of apartments in Penistone both have approximately forty five years left on the lease term. Will this present a problem?
A lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena
Penistone Leasehold Conveyancing - Sample of Questions you should consider Prior to buying
Is anyone aware of any major works in the planning that will increase the service charges?
How many of the leaseholders are in arrears for their maintenance charge payments?
How many years are left on the lease?