Sandy leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Sandy. Before I get started 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 almost all are in Sandy - 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.
Harry (my fiance) and I may need to rent out our Sandy ground floor flat temporarily due to taking a sabbatical. We used a Sandy conveyancing firm in 2004 but they have since shut and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
A lease governs relations between the landlord and you the leaseholder; in particular, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Sandy do not prevent subletting altogether – such a provision would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Sandy. Conveyancing advisers have are about to be instructed. Will they explain the issues?
The majority of houses in Sandy are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Sandy so you should seriously consider shopping around for a Sandy conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission 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 report to you on the legal implications.
What are your top tips when it comes to appointing a Sandy conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Sandy conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Sandy conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- If the firm is not ALEP accredited then what is the reason?
What are the frequently found defects that you encounter in leases for Sandy properties?
There is nothing unique about leasehold conveyancing in Sandy. All leases are unique and drafting errors can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, The Mortgage Works, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.
Sandy Leasehold Conveyancing - A selection of Questions you should consider before Purchasing
The prefered form of lease structure is a share of the freehold. In this arrangement the lessees enjoy being in charge if their destiny and although a managing agent is frequently employed where the building is larger than a house conversion, the managing agent retained by the leaseholders.
What is the yearly maintenance fee and ground rent?
Plenty Sandy leasehold apartments will have a service bill for the upkeep of the building invoiced on behalf of the management company. If you acquire the apartment you will have to meet this charge, normally quarterly accross the year. This can be anything from a few hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all probability there will be a rentcharge for you to pay annual, this is usually not a large amount, say around £50-£100 but you should to check it because sometimes it can be many hundreds of pounds.