Examples of recent questions relating to leasehold conveyancing in Tintagel
I am on look out for some leasehold conveyancing in Tintagel. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Tintagel - then the leasehold title will always include the short particulars 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.
My partner and I may need to sub-let our Tintagel 1st floor flat temporarily due to a new job. We instructed a Tintagel conveyancing firm in 2001 but they have closed and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
A lease governs the relationship between the landlord and you the flat owner; in particular, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Tintagel do not contain strict prohibition on subletting – such a provision would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I am a negotiator for a busy estate agent office in Tintagel where we have witnessed a number of leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Tintagel conveyancing solicitors. Could you confirm whether the seller of a flat can initiate the lease extension process for the buyer?
Provided that 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 to extend their lease. 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 disposal of the property.
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 buyer.
Can you offer any advice when it comes to finding a Tintagel conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Tintagel conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Tintagel conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the firm with lease extension legislation?
What are the common defects that you see in leases for Tintagel properties?
There is nothing unique about leasehold conveyancing in Tintagel. All leases are individual and drafting errors can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Coventry Building Society, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.
Tintagel Leasehold Conveyancing - Sample of Questions you should consider Prior to buying
Many Tintagel leasehold apartments will have a service bill for maintenance of the building levied on behalf of the landlord. Where you acquire the apartment you will have to pay this charge, normally in instalments accross the year. This could be anything from several hundred pounds to thousands of pounds for large purpose-built buildings. In all probability there will be a ground rent for you to pay annual, normally this is not a large amount, say around £50-£100 but you need to enquire it because sometimes it could be prohibitively expensive.
How is the lease structured?
Its a good idea to find out as much as possible about the managing agents as they will either make life much easier or uncomfortable. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to day to day issues such as the tidiness of the communal areas. Ask other tenants whether they are happy with their management. In conclusion, be sure you understand the dates that the maintenance charges are due to the appropriate party and specifically how they are spending that money.