Frequently asked questions relating to Theale leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Theale. Before diving in I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Theale - then the leasehold title will always include the basic details 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.
Jane (my partner) and I may need to sub-let our Theale 1st floor flat for a while due to taking a sabbatical. We instructed a Theale conveyancing practice in 2001 but they have since shut and we did not have the foresight to get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your last Theale conveyancing lawyer is no longer available you can check your lease to check if you are permitted to let out the apartment. The rule is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you must seek permission from your landlord or other appropriate person prior to subletting. The net result is you not allowed to sublet without first obtaining permission. Such consent is not allowed to be unreasonably refused ore delayed. If the lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.
I am a negotiator for a busy estate agent office in Theale where we have experienced a few leasehold sales derailed due to short leases. I have received inconsistent advice from local Theale conveyancing solicitors. Could you confirm whether the vendor of a flat can initiate 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 kick-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 before, or simultaneously with completion of the sale.
Alternatively, it may be possible 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.
Completion in due on the disposal of our £425000 apartment in Theale next Monday . The managing agents has quoted £420 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Theale?
For most leasehold sales in Theale conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence questions
- Where consent is required before sale in Theale
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Are there frequently found deficiencies that you witness in leases for Theale properties?
Leasehold conveyancing in Theale is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- 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 could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Coventry Building Society, and Bank of Ireland all have very detailed 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 defective they may refuse to grant the mortgage, forcing the buyer to withdraw.
Theale Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to Purchasing
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How many of the leaseholders are in arrears for their service charge payments?
Make sure you find out if the the lease contains any onerous restrictions in the lease. By way of example some leases prohibit pets being permitted in in a block in Theale. If you like the flatin Theale but your cat is not allowed to live with you then you will be presented with a hard choice.
You should want to find out as much as you can about the company managing the building as they can either make your living at the property much simpler or uncomfortable. As the owner of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to every day issues such as the cleanliness of the common parts. Enquire of other tenants whether they are happy with them. On a final note, investigate as to the dates that the service charges are due to the managing agents and precisely what you get for your money.
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