Examples of recent questions relating to leasehold conveyancing in Swinton
I am in need of some leasehold conveyancing in Swinton. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is registered - and almost all are in Swinton - 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 wish to let out my leasehold flat in Swinton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Some leases for properties in Swinton do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse 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.
Back In 2006, I bought a leasehold house in Swinton. Conveyancing and Alliance & Leicester mortgage are in place. 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 1994. The conveyancing practitioner in Swinton who acted for me is not around.Do I pay?
First contact the Land Registry to make sure that this person is indeed the new freeholder. You do not need to incur the fees of a Swinton conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of maisonettes in Swinton both have in the region of forty five years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Swinton is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and lenders, leases with under eighty years become less and less attractive. On a more upbeat 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 a residence 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 Swinton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
What are your top tips when it comes to finding a Swinton conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Swinton conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Swinton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- What volume of lease extensions have they conducted in Swinton in the last year?
Leasehold Conveyancing in Swinton - A selection of Questions you should consider before buying
Are there any major works in the near future that will likely add a premium to the service charges?
Please note that where the lease has no more than eighty years it will impact the value of the property. It is worth checking with your lender that they are willing to lend given the lease term. A short lease means that you will almost definitely require a lease extension sooner rather than later and it is worth finding out what this will be. For most Swintonlease extensions you would be required to have been the owner of the residence for a couple of years in order to be legally able to carry out a lease extension.
It is important to be aware whether fixing the lift or some other significant cost is pending to be shared between the leasehold owners and could well materially impact the level of the maintenance charges or necessitate a specific invoice.