Guaranteed fixed fees for Leasehold Conveyancing in Somersham

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Frequently asked questions relating to Somersham leasehold conveyancing

I want to let out my leasehold flat in Somersham. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Even though your last Somersham conveyancing solicitor is no longer available you can check your lease to check if it allows you to sublet the premises. The rule is that if the lease is silent, subletting is permitted. There may be a precondition that you are obliged to obtain consent via your landlord or other appropriate person before subletting. The net result is you not allowed to sublet in the absence of first obtaining consent. The consent must not not be unreasonably withheld. If your lease prohibits you from subletting the property you should ask your landlord for their consent.

Estate agents have just been given the go-ahead to market my basement apartment in Somersham.Conveyancing has not commenced but I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should clear the service charge 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. This will smooth the conveyancing process.

I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Somersham. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Somersham ?

Most houses in Somersham 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. We note that you are purchasing in Somersham so you should seriously consider shopping around for a Somersham conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer will appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of maisonettes in Somersham both have in the region of forty five years unexpired on the lease term. Will this present a problem?

A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field

In relation to leasehold conveyancing in Somersham what are the most common lease problems?

There is nothing unique about leasehold conveyancing in Somersham. Most leases is drafted differently and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

  • A provision to repair to or maintain parts of the premises
  • A duty to insure the building
  • Clauses dealing with recovering service charges for expenditure on the building or common parts.
  • 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 as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Skipton Building Society, and Clydesdale all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.

Leasehold Conveyancing in Somersham - A selection of Queries Prior to buying

    How many of the leaseholders are in arrears for their service charge payments? How much is the service charge and ground rent on the property? What is the length of the lease?

Other Topics

Lease Extensions in Somersham