Common questions relating to Seaton leasehold conveyancing
I am in need of some leasehold conveyancing in Seaton. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is registered - and almost all are in Seaton - 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.
I want to rent out my leasehold flat in Seaton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Even though your previous Seaton conveyancing solicitor is not around you can review your lease to see if you are permitted to let out the premises. The accepted inference is that if the deeds are silent, subletting is permitted. Quite often there is a prerequisite that you must seek permission via your landlord or other appropriate person before subletting. This means that you cannot sublet in the absence of prior consent. The consent should not be unreasonably turned down. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
Looking forward to exchange soon on a leasehold property in Seaton. Conveyancing solicitors inform me that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Seaton should include some of the following:
- You should be sent a copy of the lease
I am attracted to a two apartments in Seaton which have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Seaton is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. For most purchasers and lenders, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 property 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 Seaton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.
Do you have any advice for leasehold conveyancing in Seaton from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Seaton can be avoided if you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers conveyancers.
- If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Seaton leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord consenting to such alterations. Should you fail to have the paperwork to hand do not communicate with the landlord without contacting your lawyer first.
Seaton Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
Most Seaton leasehold properties will be liable to pay a service bill for the upkeep of the block set by the landlord. If you purchase the apartment you will have to meet this charge, normally quarterly during the year. This could be anything from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. In all probability there will be a rentcharge to be met annual, normally this is not a large amount, say approximately £50-£100 but you need to check it because sometimes it can be surprisingly expensive.
You should want to find out as much as you can about the managing agents as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to practical matters like the cleanliness of the communal areas. Ask prospective neighbours what they think of them. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and precisely how they are spending that money.
Please note that where the lease has fewer than 80 years it will affect the value of the property. Check with your bank that they are willing to lend given the lease term. A short lease means that you will almost definitely require a lease extension at some point and it is worth discovering how much this will be. Remember, in most cases you would be required to have been the owner of the premises for two years in order to be entitled to carry out a lease extension.