Experts for Leasehold Conveyancing in Shipley

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Examples of recent questions relating to leasehold conveyancing in Shipley

Harry (my fiance) and I may need to sub-let our Shipley garden flat temporarily due to a career opportunity. We used a Shipley conveyancing firm in 2003 but they have closed and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?

The lease dictates the relationship between the freeholder and you the flat owner; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Shipley do not prevent subletting altogether – such a provision would undoubtedly devalue 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 looking at a two flats in Shipley both have in the region of forty five years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Shipley is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most buyers and lenders, leases with under eighty years become less and less attractive. 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 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 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 Shipley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 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.

Last month I purchased a leasehold property in Shipley. Am I liable to pay service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you provide any top tips for leasehold conveyancing in Shipley from the point of view of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Shipley can be reduced if you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers solicitors.
  • The majority freeholders or Management Companies in Shipley charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Shipley.
  • A minority of Shipley leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as over rather than unresolved.
  • If you hold a share in a the Management Company, you should ensure that you are holding the original share document. Organising a replacement share certificate can be a time consuming formality and delays many a Shipley home move. Where a duplicate share certificate is necessary, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.

    • If all goes to plan we aim to complete the sale of our £400000 maisonette in Shipley next Thursday . The freeholder has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Shipley?

    Shipley conveyancing on leasehold apartments more often than not requires the purchaser’s solicitor sending enquiries for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries most will be content to do so. They are at liberty invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some situations it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, otherwise the invoice is not strictly payable. In reality one has no choice but to pay whatever is demanded should you wish to complete the sale of your home.

    Shipley Leasehold Conveyancing - Sample of Questions you should consider before buying

      You will want to discover as much as possible concerning the company managing the building as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to practical issues like the upkeep of the communal areas. Ask prospective neighbours what they think of their service. On a final note, be sure you discover the dates that you are obliged pay the service charge to the managing agents and precisely what you get for your money. What is the yearly maintenance fee and ground rent? What restrictions are contained in the Shipley Lease?

    Other Topics

    Lease Extensions in Shipley