Common questions relating to Stansted leasehold conveyancing
I am on look out for some leasehold conveyancing in Stansted. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Stansted - then the leasehold title will always include the short particulars 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.
I am intending to sublet my leasehold apartment in Stansted. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Some leases for properties in Stansted 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 review 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.
I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Stansted. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Stansted ?
Most houses in Stansted are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Stansted in which case you should be looking for a Stansted conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your solicitor will report to you on the legal implications.
I am tempted by the attractive purchase price for a couple of flats in Stansted both have about 50 years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Stansted. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this area
When it comes to leasehold conveyancing in Stansted what are the most frequent lease problems?
Leasehold conveyancing in Stansted is not unique. Most leases are individual and drafting errors can sometimes mean that certain provisions 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 building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Coventry Building Society, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.
Leasehold Conveyancing in Stansted - A selection of Questions you should consider before Purchasing
It would be sensible to find out if there are any onerous prohibitions in the lease. For instance it is reasonably common in Stansted leases that pets are not permitted in certain buildings in Stansted. If you love the flatin Stansted however your dog is not allowed to live with you then you will be presented with a difficult determination.
On the whole the outlay for major works tend not to be wrapped into the maintenance charges, although there some managing agents in Stansted require leasehold owners to contribute towards a sinking fund created for the specific purpose of establishing a fund for larger repairs or maintenance.
Please note if it is no more than eighty years it will affect the marketability of the flat. It is worth checking with your lender that they are content with remaining years on the lease. A short lease means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of how much this will be. For most Stanstedlease extensions you would be be obliged to have been the owner of the residence for two years in order to be eligible to extend the lease.