Common questions relating to Sedbergh leasehold conveyancing
My wife and I may need to let out our Sedbergh basement flat for a while due to a new job. We used a Sedbergh conveyancing firm in 2002 but they have closed and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your last Sedbergh conveyancing lawyer is no longer available you can review your lease to check if you are permitted to let out the premises. The rule is that if the lease is silent, subletting is permitted. There may be a precondition that you are obliged to seek permission from your landlord or some other party prior to subletting. This means you not allowed to sublet without first obtaining consent. Such consent must not not be unreasonably turned down. If your lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.
I only have 72 years left on my lease in Sedbergh. I need to extend my lease but my freeholder is can not be found. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to find the lessor. For most situations a specialist would be useful to carry out a search and prepare an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Sedbergh.
I am attracted to a two flats in Sedbergh which have about fifty years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Sedbergh. The lease is a right to use the property for a period of time. As a lease gets shorter the marketability of the lease decreases and results in it becoming more expensive 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 difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this field
I am employed by a reputable estate agency in Sedbergh where we see a number of flat sales derailed due to short leases. I have received conflicting advice from local Sedbergh conveyancing solicitors. Please can you clarify whether the seller of a flat can initiate the lease extension formalities 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
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.
Do you have any top tips for leasehold conveyancing in Sedbergh with the intention of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Sedbergh can be reduced where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ solicitors.
- Many freeholders or Management Companies in Sedbergh levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Sedbergh.
Sedbergh Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing
Can you tell me if there are any major works in the planning that will add a premium to the service charges?
What is the name of the managing agents?
How many of the leaseholders are in arrears for their maintenance charge payments?