Frequently asked questions relating to Sandhurst leasehold conveyancing
I am in need of some leasehold conveyancing in Sandhurst. Before I get started I want to be sure as to the remaining lease term.
If the lease is registered - and almost all are in Sandhurst - 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.
I want to let out my leasehold flat in Sandhurst. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
A lease dictates the relationship between the freeholder and you the flat owner; in particular, it will set out 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 permitted. Most leases in Sandhurst do not contain subletting altogether – such a provision would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I’m about to sell my basement apartment in Sandhurst.Conveyancing has not commenced but I have just received a half-yearly maintenance charge demand – Do I pay up?
It best that you pay the invoice 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 until 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.
I am tempted by the attractive purchase price for a two maisonettes in Sandhurst which have in the region of fifty years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Sandhurst is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and lenders, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 premises 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 Sandhurst 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.
I am a negotiator for a long established estate agency in Sandhurst where we have experienced a few leasehold sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Sandhurst conveyancing firms. Please can you confirm whether the vendor of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner 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 can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is 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 purchaser.
Sandhurst Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing
It is important to be aware if redecorating or some other significant cost is coming up to be shared amongst the leaseholders and will materially impact the level of the maintenance charges or require a one off payment.
What restrictions are contained in the Sandhurst Lease?
It would be sensible to investigate if there are any onerous restrictions in the lease. By way of example some leases prohibit pets being allowed in certain buildings in Sandhurst. If you love the apartmentin Sandhurst yet your dog is not allowed to move with you then you will be presented with a difficult decision.