Leasehold Conveyancing in Tickton - Get a Quote from the leasehold experts approved by your lender

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Sample questions relating to Tickton leasehold conveyancing

I want to rent out my leasehold apartment in Tickton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Your lease governs the relationship between the freeholder and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Tickton do not contain subletting altogether – such a provision would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

I am attracted to a two flats in Tickton both have about forty five years unexpired on the leases. should I be concerned?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the value of the lease reduces and results in it becoming more costly to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area

I am employed by a busy estate agency in Tickton where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Tickton conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can initiate the lease extension process for the buyer?

As long as the seller has been the owner 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 buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with 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.

Do you have any top tips for leasehold conveyancing in Tickton from the perspective of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Tickton can be avoided if you get in touch lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers conveyancers.
  • Many landlords or managing agents in Tickton charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Tickton.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Tickton leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord approving such changes. Where you fail to have the consents in place do not communicate with the landlord without checking with your conveyancer in the first instance.
  • A minority of Tickton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a flat where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to unsettled.

    • In relation to leasehold conveyancing in Tickton what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in Tickton. All leases are individual and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations 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.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You will 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. Halifax, Coventry Building Society, and Alliance & Leicester 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 does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.

    Tickton Leasehold Conveyancing - Sample of Questions you should consider before Purchasing

      What prohibitions are contained in the Tickton Lease? How many of the leaseholders are in arrears for their maintenance charge payments? Its a good idea to discover as much as possible regarding the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to every day matters like the cleanliness of the common parts. You should not be shy to ask other tenants what they think of their service. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and precisely what you get for your money.

    Other Topics

    Lease Extensions in Tickton