My fiance and I may need to rent out our Todwick basement flat temporarily due to taking a sabbatical. We instructed a Todwick conveyancing practice in 2003 but they have closed and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?

A lease dictates the relationship between the freeholder and you the flat owner; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Todwick do not contain 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.

Due to exchange soon on a garden flat in Todwick. Conveyancing solicitors assured me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Todwick should include some of the following:

• How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark

I am tempted by the attractive purchase price for a two maisonettes in Todwick both have approximately fifty years unexpired on the lease term. Do I need to be concerned?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the saleability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena

Last month I purchased a leasehold property in Todwick. Am I liable to pay service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Are there frequently found defects that you come across in leases for Todwick properties?

There is nothing unique about leasehold conveyancing in Todwick. All leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the property
• 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 will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Chelsea Building Society, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.

Todwick Conveyancing for Leasehold Flats - Examples of Queries Prior to buying

Make sure you find out if there is anything that is prohibited in the lease. By way of example it is very common in Todwick leases that pets are not permitted in certain buildings in Todwick. If you love the propertyin Todwick however your cat can’t make the move with you then you will be presented with a hard decision. Best to be warned whether a new roof is being put on or some other significant cost is anticipated that will be shared by the tenants and could well materially impact the level of the service fees or result in a one off payment. Does the lease include onerous restrictions?

Other Topics

Lease Extensions in Todwick