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Prestbury leasehold conveyancing Example Support Desk Enquiries

My fiance and I may need to sub-let our Prestbury basement flat for a while due to a new job. We used a Prestbury conveyancing practice in 2001 but they have since shut and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?

A lease governs the relationship between the freeholder and you the leaseholder; specifically, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Prestbury do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

Expecting to exchange soon on a leasehold property in Prestbury. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Prestbury should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The total extent of the premises. This will be the property itself but could also include a roof space or cellar if appropriate.
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • 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
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For a comprehensive list of information to be contained in your report on your leasehold property in Prestbury please ask your solicitor in ahead of your conveyancing in Prestbury

    • I am employed by a busy estate agency in Prestbury where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have been given contradictory information from local Prestbury conveyancing solicitors. Please can you clarify whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?

    Provided that 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. The benefit of this is that the proposed purchaser need not have 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 provide any advice for leasehold conveyancing in Prestbury with the purpose of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Prestbury can be avoided where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
    • The majority freeholders or managing agents in Prestbury levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Prestbury.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unresolved.
  • If you have the benefit of shareholding in the freehold, you should ensure that you have the original share certificate. Arranging a duplicate share certificate is often a time consuming process and slows down many a Prestbury conveyancing deal. Where a new share certificate is necessary, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • When it comes to leasehold conveyancing in Prestbury what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in Prestbury. Most leases are individual and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the building
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Chelsea Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.

    I own a 1st floor flat in Prestbury, conveyancing formalities finalised 2002. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Prestbury with a long lease are worth £255,000. The average or mid-range amount of ground rent is £50 per annum. The lease finishes on 21st October 2097

    With 75 years remaining on your lease the likely cost is going to range between £14,300 and £16,400 plus professional fees.

    The figure 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 comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Prestbury