Tiverton leasehold conveyancing: Q and A’s
I want to sublet my leasehold flat in Tiverton. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Some leases for properties in Tiverton do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I have just appointed agents to market my 2 bed apartment in Tiverton.Conveyancing is yet to be initiated but I have just had a quarterly service charge demand – what should I do?
It best that you pay the service charge 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 management companies 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 work for a busy estate agency in Tiverton where we have witnessed a few leasehold sales derailed as a result of short leases. I have been given conflicting advice from local Tiverton conveyancing solicitors. Please can you confirm whether the seller of a flat can commence 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 has to be done before, or simultaneously with completion of the sale.
An alternative approach is 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 Tiverton from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Tiverton can be avoided where you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers solicitors.
- If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example installed wooden flooring? Tiverton leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord approving such alterations. If you dont have the consents in place you should not contact the landlord without checking with your lawyer first.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £475000 apartment in Tiverton next week. The freeholder has quoted £348 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Tiverton?
Tiverton conveyancing on leasehold apartments normally involves the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be willing to assist. They are at liberty levy a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some situations it is in excess of £800. The management information fee levied by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, otherwise the invoice is technically not due. Reality however dictates that one has little choice but to pay whatever is demanded should you wish to sell the property.
Tiverton Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
On the whole the cost for major works tend not to be incorporated into the maintenance charges, albeit that some managing agents in Tiverton require tenants to contribute towards a sinking fund created for the specific purpose of establishing a fund for larger works.
How many of the leaseholders are in arrears for their maintenance charge payments?
The answer will be important as a) areas may result in problems in the building as the communal areas may begin to deteriorate where maintenance are not paid for b) if the tenants have an issue with the managing agents you will wish to have complete disclosure