Questions and Answers: Thornaby leasehold conveyancing
I am intending to let out my leasehold flat in Thornaby. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Even though your last Thornaby conveyancing lawyer is no longer available you can review your lease to check if it allows you to sublet the property. The rule is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you are obliged to seek permission via your landlord or other appropriate person in advance of subletting. This means you not allowed to sublet without first obtaining consent. Such consent must not not be unreasonably refused ore delayed. If your lease does not allow you to sublet you should ask your landlord for their consent.
I’m about to sell my ground floor apartment in Thornaby.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – should I leave it to the buyer to sort out?
It best that you clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I've recently bought a leasehold house in Thornaby. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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).
Do you have any advice for leasehold conveyancing in Thornaby with the intention of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Thornaby can be avoided where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
- The majority freeholders or Management Companies in Thornaby levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Thornaby.
In relation to leasehold conveyancing in Thornaby what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Thornaby. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You could encounter 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. Yorkshire Building Society, Virgin Money, and Britannia all have express requirements 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.
Thornaby Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing
Does the lease include onerous restrictions?
If a Thornaby lease has no more than 80 years it will affect the salability of the apartment. It is worth checking with your mortgage company that they are happy with remaining years on the lease. A short lease means that you will probably require a lease extension sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you would be required to have been the owner of the residence for two years in order to be legally able to exercise a lease extension.
This question is helpful as a) areas may result in problems for the building as the common areas may begin to deteriorate where services remain unpaid b) if the leaseholders have a dispute with the running of the building you will need to have complete disclosure