Frequently asked questions relating to Seaham leasehold conveyancing
I am on look out for some leasehold conveyancing in Seaham. Before diving in I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Seaham - 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 am intending to sublet my leasehold apartment in Seaham. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
The lease governs relations between the freeholder and you the leaseholder; in particular, it will indicate if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Seaham do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I today plan to offer on a house that appears to be perfect, at a great figure which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Seaham. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Seaham ?
Most houses in Seaham are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Seaham in which case you should be looking for a Seaham conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your conveyancer should appraise you on the various issues.
My wife and I purchased a leasehold flat in Seaham. Conveyancing and The Royal Bank of Scotland mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Seaham who acted for me is not around.Any advice?
First contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Seaham conveyancing solicitor to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of flats in Seaham both have approximately fifty years left on the lease term. Will this present a problem?
A lease is a right to use the property for a period of time. As the lease shortens the value of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area
Seaham Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to buying
How is the lease structured?
What prohibitions are there in the Seaham Lease?
Please note if it is fewer than 80 years it will impact the marketability of the apartment. It is worth checking with your mortgage company that they are willing to lend given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and you need to have some idea of what this will be. For most Seahamlease extensions you will need to own the property for a couple of years in order to be eligible to exercise a lease extension.