Questions and Answers: Ramsey leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Ramsey. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Ramsey - 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.
My wife and I may need to let out our Ramsey 1st floor flat for a while due to a new job. We used a Ramsey conveyancing practice in 2001 but they have since shut and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
A lease governs the relationship between the landlord and you the flat owner; in particular, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Ramsey do not prevent strict prohibition on subletting – such a provision would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
Looking forward to sign contracts shortly on a leasehold property in Ramsey. Conveyancing solicitors assured me that they will have a report out to me tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Ramsey should include some of the following:
- You should be sent a copy of the lease
I've found a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Ramsey. Conveyancing advisers have not yet been instructed. Will they explain the issues?
Most houses in Ramsey 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 apparent that you are buying in Ramsey so you should seriously consider shopping around for a Ramsey conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I am a negotiator for a long established estate agency in Ramsey where we have experienced a number of leasehold sales jeopardised as a result of short leases. I have received conflicting advice from local Ramsey conveyancing solicitors. Could you confirm whether the vendor of a flat can commence the lease extension process 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 commence 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 wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible 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.
Ramsey Leasehold Conveyancing - A selection of Questions you should consider before buying
This information is useful as a) areas can result in problems for the block as the common areas may start to deteriorate where repairs remain unpaid b) if the leaseholders have a dispute with the managing agents you will wish to have all the details
The prefered form of lease arrangement is a share of the freehold. In this arrangement the leaseholders enjoy being in charge if their destiny and although a managing agent is often employed if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
How much is the ground rent and service charge?