My fiance and I may need to sub-let our Tiverton basement flat temporarily due to a career opportunity. We instructed a Tiverton conveyancing firm in 2002 but they have closed and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?

Even though your previous Tiverton conveyancing solicitor is no longer available you can review your lease to check if you are permitted to let out the premises. The rule is that if the deeds are non-specific, subletting is allowed. There may be a precondition that you need to seek permission via your landlord or some other party before subletting. The net result is you not allowed to sublet in the absence of first obtaining permission. The consent should not be unreasonably withheld. If the lease prohibits you from letting out the property you should ask your landlord for their consent.

I am tempted by the attractive purchase price for a two maisonettes in Tiverton which have in the region of forty five years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Tiverton is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Tiverton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Can you provide any top tips for leasehold conveyancing in Tiverton with the purpose of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Tiverton can be reduced where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information needed by the purchasers’ solicitors.
• The majority freeholders or managing agents in Tiverton charge for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought 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 frequent cause of frustration in leasehold conveyancing in Tiverton.

If all goes to plan we aim to complete the disposal of our £175000 apartment in Tiverton in just under a week. The freeholder has quoted £360 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Tiverton?

Tiverton conveyancing on leasehold maisonettes normally requires the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to address such questions the majority will be willing to assist. They are at liberty levy a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some transactions it is in excess of £800. The management information fee required by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. In reality one has little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.

What makes a Tiverton lease unmortgageable?

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

• A provision to repair to or maintain parts of the premises
• Insurance obligations
• 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 can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Bank of Scotland, and Nottingham Building Society 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 provide security, forcing the buyer to withdraw.

Tiverton Leasehold Conveyancing - A selection of Questions you should ask Prior to buying

How many years are left on the lease? Best to be warned if fixing the lift or some other major work is anticipated that will be shared amongst the leaseholders and could well dramatically increase the the service fees or require a specific invoice. Is the freehold reversion owned collectively by the leaseholders?

Other Topics

Lease Extensions in Tiverton