Questions and Answers: Tarporley leasehold conveyancing
Helen (my wife) and I may need to rent out our Tarporley garden flat for a while due to taking a sabbatical. We instructed a Tarporley conveyancing firm in 2004 but they have closed and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
The lease governs relations between the landlord and you the leaseholder; in particular, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Tarporley do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I am looking at a two apartments in Tarporley both have approximately 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Tarporley. The 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 decreases and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena
I am employed by a reputable estate agent office in Tarporley where we see a number of leasehold sales put at risk as a result of short leases. I have received inconsistent advice from local Tarporley conveyancing solicitors. Can you confirm whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.
What are your top tips when it comes to choosing a Tarporley conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Tarporley conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Tarporley conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- How experienced is the practice with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Tarporley from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Tarporley can be bypassed if you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Tarporley leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord acquiescing to such alterations. If you dont have the approvals in place do not contact the landlord without contacting your conveyancer in the first instance.
Leasehold Conveyancing in Tarporley - Examples of Queries before Purchasing
If a Tarporley lease has no more than 80 years it will affect the marketability of the flat. It is worth checking with your bank that they are willing to go ahead with the loan given the lease term. A short lease means that you will probably need a lease extension sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you will be be obliged to have been the owner of the property for a couple of years before you are eligible to extend the lease.
Does the lease have in excess of 90 years remaining?
Who is in charge of the block?