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Todmorden leasehold conveyancing: Q and A’s

I wish to sublet my leasehold flat in Todmorden. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

A lease governs relations between the freeholder and you the leaseholder; in particular, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Todmorden do not prevent an absolute prevention of subletting – such a clause would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.

I've found a house that appears to be perfect, at a great figure which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Todmorden. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Todmorden ?

The majority of houses in Todmorden are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Todmorden so you should seriously consider shopping around for a Todmorden conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your lawyer should report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of apartments in Todmorden which have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the saleability of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena

Can you provide any advice for leasehold conveyancing in Todmorden with the purpose of speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Todmorden can be bypassed where you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ lawyers.
  • Many landlords or managing agents in Todmorden levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Todmorden.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Todmorden leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord approving such alterations. Should you fail to have the approvals in place do not communicate with the landlord without checking with your lawyer before hand.
  • A minority of Todmorden leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 purchasers or their solicitors.
  • If you have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of 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 better to reveal the dispute as over rather than unsettled.

    • What makes a Todmorden lease problematic?

    Leasehold conveyancing in Todmorden is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the property
    • Insurance obligations
    • 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 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, Skipton Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions 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 grant the mortgage, forcing the buyer to pull out.

    Todmorden Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing

      Is anyone aware of any major works on the horizon that will likely add a premium to the service charges? Generally speaking the outlay for major works tend not to be wrapped into the maintenance charges, albeit that there some managing agents in Todmorden require leaseholders to contribute towards a sinking fund created for the specific intention of establishing a fund for major repairs or maintenance. This information is important as a) areas may cause problems for the block as the communal areas may start to deteriorate where services are not paid for b) if the tenants have a dispute with the managing agents you will wish to have complete disclosure

    Other Topics

    Lease Extensions in Todmorden