I am in need of some leasehold conveyancing in Shillington. Before I get started I would like to find out the number of years remaining on the lease.

If the lease is registered - and almost all are in Shillington - 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.

My husband and I may need to sub-let our Shillington ground floor flat temporarily due to taking a sabbatical. We instructed a Shillington conveyancing firm in 2003 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?

A small minority of properties in Shillington do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

Due to sign contracts shortly on a basement flat in Shillington. Conveyancing lawyers assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Shillington should include some of the following:

• How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark

I've found a house that appears to be perfect, at a great price which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Shillington. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?

The majority of houses in Shillington are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Shillington so you should seriously consider shopping around for a Shillington conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will appraise you on the various issues.

I am looking at a couple of apartments in Shillington both have about 50 years unexpired on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Shillington is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most purchasers and mortgage companies, leases with under eighty 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 Shillington 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 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.

Shillington Leasehold Conveyancing - A selection of Questions you should ask before Purchasing

Can you tell me if there are any major works in the planning that could add a premium to the service charges? What is the name of the managing agents? It would be sensible to investigate if there are any onerous restrictions in the lease. For instance some leases prohibit pets being permitted in certain buildings in Shillington. If you love the apartmentin Shillington yet your cat can’t live with you then you have a very difficult choice.

Other Topics

Lease Extensions in Shillington