Examples of recent questions relating to leasehold conveyancing in Tedburn St Mary
My partner and I may need to sub-let our Tedburn St Mary 1st floor flat for a while due to a new job. We used a Tedburn St Mary conveyancing practice in 2003 but they have since shut and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
The lease governs the relationship between the freeholder and you the flat owner; 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 specific ban or restriction, subletting is permitted. Most leases in Tedburn St Mary do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Tedburn St Mary. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
The majority of houses in Tedburn St Mary are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Tedburn St Mary so you should seriously consider looking for a Tedburn St Mary conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. 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’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your solicitor will report to you on the legal implications.
Last month I purchased a leasehold flat in Tedburn St Mary. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you offer any advice when it comes to appointing a Tedburn St Mary conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Tedburn St Mary conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Tedburn St Mary conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the practice with lease extension legislation?
What makes a Tedburn St Mary lease problematic?
Leasehold conveyancing in Tedburn St Mary is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements 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
You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Skipton Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.
Leasehold Conveyancing in Tedburn St Mary - Sample of Questions you should consider before buying
You should be aware if it is fewer than 80 years it will have adverse implications on the value of the property. It is worth checking with your bank that they are content with residual term of the lease. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth discovering how much this will be. For most Tedburn St Marylease extensions you will be required to have owned the residence for a couple of years in order to be entitled to extend the lease.
Is anyone aware of any major works anticipated that could add a premium to the service fees?
Is there a share of the freehold?