I would like to let out my leasehold flat in Stockwood. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?

Even though your previous Stockwood conveyancing solicitor is not around you can check your lease to check if it allows you to sublet the property. The accepted inference is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you must obtain permission from your landlord or other appropriate person before subletting. The net result is that you cannot sublet in the absence of first obtaining consent. The consent must not not be unreasonably withheld. If the lease prohibits you from subletting the property you will need to ask your landlord for their consent.

I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Stockwood. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Stockwood ?

Most houses in Stockwood are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Stockwood in which case you should be shopping around for a Stockwood conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your lawyer should report to you on the legal implications.

I am looking at a couple of apartments in Stockwood which have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area

I am employed by a reputable estate agency in Stockwood where we see a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Stockwood conveyancing firms. Can you confirm whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease 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 prior to, or at the same time as completion of the disposal of the property.

An alternative approach is 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.

Do you have any advice for leasehold conveyancing in Stockwood from the perspective of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Stockwood can be reduced if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers.
• The majority freeholders or Management Companies in Stockwood charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Stockwood.
• In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Stockwood leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such changes. If you dont have the approvals in place you should not communicate with the landlord without contacting your solicitor in advance.
• If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be warry about purchasing a property where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unresolved.
• If you hold a share in a the freehold, you should make sure that you hold the original share certificate. Arranging a duplicate share certificate can be a lengthy formality and slows down many a Stockwood conveyancing deal. If a duplicate share certificate is necessary, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.

Stockwood Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing

Are any of leasehold owners in dispute over their service charge payments?