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Questions and Answers: Todmorden leasehold conveyancing

My husband and I may need to rent out our Todmorden ground floor flat for a while due to taking a sabbatical. We used a Todmorden conveyancing firm in 2004 but they have closed and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

The lease governs the relationship between the freeholder and you the flat owner; in particular, it will set out if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Todmorden do not prevent subletting altogether – such a clause would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.

I am looking at a couple of maisonettes in Todmorden both have about forty five years left on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Todmorden. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease deteriorate and it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena

I work for a reputable estate agency in Todmorden where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Todmorden conveyancing firms. Can you clarify whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?

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. This means that the proposed purchaser can avoid having 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 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 purchaser.

What are your top tips when it comes to appointing a Todmorden conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Todmorden conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Todmorden conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

  • Can they put you in touch with client in Todmorden who can give a testimonial?
  • What are the costs for lease extension conveyancing?

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

    • Much of the delay in leasehold conveyancing in Todmorden can be bypassed if you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation needed by the purchasers’ representatives.
    • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Todmorden state that internal structural alterations or addition of wooden flooring require a licence from the Landlord acquiescing to such works. Should you dont have the paperwork to hand you should not contact the landlord without checking with your solicitor before hand.
  • A minority of Todmorden leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share certificate. Obtaining a re-issued share certificate can be a time consuming formality and frustrates many a Todmorden conveyancing deal. Where a reissued share is required, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be wise to verify this via your solicitors. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Leasehold Conveyancing in Todmorden - A selection of Queries Prior to Purchasing

      How many years remain on the lease? Plenty Todmorden leasehold properties will have a service charge for maintenance of the building levied by the management company. Where you acquire the apartment you will have to meet this amount, usually quarterly throughout the year. This could be anything from a few hundred pounds to thousands of pounds for large purpose-built blocks. In all probability there will be a ground rent to be met yearly, normally this is not a significant amount, say approximately £50-£100 but you need to enquire as occasionally it can be many hundreds of pounds. Make sure you enquire if there are any onerous restrictions in the lease. For example it is fairly common in Todmorden leases that pets are not allowed in certain buildings in Todmorden. If you love the apartmentin Todmorden yet your dog can’t live with you then you have a very difficult choice.

    Other Topics

    Lease Extensions in Todmorden