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Recently asked questions relating to Shotton leasehold conveyancing

My fiance and I may need to rent out our Shotton basement flat temporarily due to a new job. We used a Shotton conveyancing practice in 2002 but they have closed and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?

Notwithstanding that your last Shotton conveyancing solicitor is not available you can check your lease to see if you are permitted to let out the property. The accepted inference is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you need to obtain permission via your landlord or other appropriate person in advance of subletting. This means you not allowed to sublet without first obtaining consent. Such consent is not allowed to be unreasonably withheld. If your lease prohibits you from subletting the property you should ask your landlord for their consent.

I have just started marketing my basement apartment in Shotton.Conveyancing solicitors are to be appointed soon but I have just received a quarterly service charge invoice – Do I pay up?

The sensible thing to do is clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

My wife and I purchased a leasehold house in Shotton. Conveyancing and The Royal Bank of Scotland mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Shotton who acted for me is not around.Any advice?

First contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Shotton conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, 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 Shotton which have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Shotton is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the property. The majority of buyers and lenders, leases with under eighty years become less and less marketable. 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 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 Shotton 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.

Can you provide any advice for leasehold conveyancing in Shotton from the point of view of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in Shotton can be bypassed if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
  • Many landlords or managing agents in Shotton charge for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Shotton.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Shotton state that internal structural changes or addition of wooden flooring require a licence issued by the Landlord approving such works. Should you dont have the approvals in place you should not contact the landlord without checking with your lawyer in the first instance.
  • Some Shotton leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

  • Leasehold Conveyancing in Shotton - Sample of Questions you should ask Prior to buying

      The answer will be helpful as a) areas can result in problems in the building as the communal areas may start to deteriorate where repairs remain unpaid b) if the tenants have an issue with the running of the building you will need to know about it Who are the managing agents? What is the yearly service fee and ground rent?

    Other Topics

    Lease Extensions in Shotton