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Skelmersdale leasehold conveyancing Example Support Desk Enquiries

My partner and I may need to let out our Skelmersdale 1st floor flat temporarily due to taking a sabbatical. We used a Skelmersdale conveyancing practice in 2003 but they have since shut and we did not think at the time get any guidance as to whether the lease allows us to sublet. How do we find out?

Your lease governs relations between the landlord and you the leaseholder; in particular, it will say if subletting is banned, 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 Skelmersdale do not contain subletting altogether – such a provision would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.

I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Skelmersdale. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Skelmersdale ?

Most houses in Skelmersdale are freehold and not 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 apparent that you are buying in Skelmersdale so you should seriously consider looking for a Skelmersdale conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your solicitor will appraise you on the various issues.

I am a negotiator for a long established estate agent office in Skelmersdale where we have experienced a few leasehold sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Skelmersdale conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can start the lease extension process for the buyer?

Provided that the seller has been the owner 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. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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 purchaser.

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

  • A significant proportion of the delay in leasehold conveyancing in Skelmersdale can be avoided where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information needed by the buyers solicitors.
  • Many freeholders or managing agents in Skelmersdale levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Skelmersdale.
  • A minority of Skelmersdale leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Organising a duplicate share certificate can be a time consuming formality and delays many a Skelmersdale conveyancing transaction. Where a reissued share certificate is needed, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later.
  • You believe that you know the number of years left on your lease but you should double-check via your solicitors. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

  • What are the frequently found defects that you see in leases for Skelmersdale properties?

    There is nothing unique about leasehold conveyancing in Skelmersdale. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Royal Bank of Scotland, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.

    I inherited a 2 bed flat in Skelmersdale, conveyancing was carried out in 2008. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Skelmersdale with an extended lease are worth £247,000. The average or mid-range amount of ground rent is £60 yearly. The lease ends on 21st October 2079

    You have 55 years remaining on your lease we estimate the price of your lease extension to be between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Skelmersdale