Experts for Leasehold Conveyancing in Potton

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Potton leasehold conveyancing Example Support Desk Enquiries

My fiance and I may need to sub-let our Potton ground floor flat for a while due to a career opportunity. We instructed a Potton conveyancing practice in 2001 but they have closed and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

The lease dictates the relationship between the landlord and you the leaseholder; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Potton do not prevent strict prohibition on subletting – such a provision would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.

I only have 68 years remaining on my lease in Potton. I am keen to get lease extension but my freeholder is can not be found. What options are available to me?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to track down the freeholder. In some cases an enquiry agent would be helpful to carry out a search and prepare a report which can be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer both on proving the landlord’s absence and the vesting order request to the County Court covering Potton.

Due to exchange soon on a leasehold property in Potton. Conveyancing lawyers assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Potton should include some of the following:

  • The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a reserve fund?
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • What options are open to you if a neighbour breach a clause of their lease? For details of the information to be included in your report on your leasehold property in Potton please ask your solicitor in advance of your conveyancing in Potton

  • I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Potton. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Potton ?

    Most houses in Potton are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Potton so you should seriously consider looking for a Potton conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will advise you fully on all the issues.

    I am attracted to a couple of apartments in Potton both have approximately forty five years left on the lease term. Will this present a problem?

    There is no doubt about it. A leasehold apartment in Potton is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most purchasers and lenders, leases with under eighty 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 premises 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 property 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 Potton 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.

    Potton Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying

      What is the annual maintenance fee and ground rent? This information is important as a) areas may cause problems for the building as the communal areas may begin to deteriorate if repairs are not paid for b) if the leaseholders have an issue with the running of the building you will need to have full disclosure You should be aware that where the lease has no more than 80 years it will affect the marketability of the property. Check with your bank that they are willing to to proceed given the lease term. A short lease means that you will probably have to extend the lease sooner rather than later and you need to have some idea of what this would cost. For most Pottonlease extensions you will be required to have been the owner of the property for two years before you are legally able to carry out a lease extension.

    Other Topics

    Lease Extensions in Potton