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Frequently asked questions relating to Torrington leasehold conveyancing

I am intending to rent out my leasehold apartment in Torrington. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Notwithstanding that your last Torrington conveyancing solicitor is not available you can check your lease to check if it allows you to sublet the apartment. The accepted inference is that if the deeds are non-specific, subletting is allowed. Quite often there is a prerequisite that you must obtain consent via your landlord or some other party prior to subletting. The net result is you not allowed to sublet in the absence of prior permission. Such consent must not not be unreasonably turned down. If your lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.

I have just started marketing my basement flat in Torrington.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge invoice – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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 unless 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. This will smooth the conveyancing process.

I've recently bought a leasehold flat in Torrington. 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. It is an essential part 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).

Do you have any advice for leasehold conveyancing in Torrington from the perspective of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Torrington can be bypassed where you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers solicitors.
  • Many freeholders or Management Companies in Torrington levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information can be applied for 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 usual cause of frustration in leasehold conveyancing in Torrington.
  • Some Torrington leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly 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 there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be warry about purchasing a flat where a dispute is unsettled. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. 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 clearly preferable to reveal the dispute as over rather than ongoing.
  • If you hold a share in a the Management Company, you should ensure that you are holding the original share document. Organising a duplicate share certificate can be a lengthy process and slows down many a Torrington home move. If a new share certificate is needed, do contact the company officers or managing agents (where applicable) for this as soon as possible.

    • What makes a Torrington lease unmortgageable?

    Leasehold conveyancing in Torrington is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. 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
    • 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 have 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. Barclays , Virgin Money, and Alliance & Leicester 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 withdraw.

    Torrington Leasehold Conveyancing - Sample of Questions you should ask before Purchasing

      The prefered form of lease arrangement is if the freehold title is owned by the leaseholders. In this scenario the tenants enjoy being in charge if their destiny and notwithstanding that a managing agent is usually retained if it is bigger than a house conversion, the managing agent is directed by the tenants. How many years remain on the lease? Who takes charge for maintaining and repairing the block?

    Other Topics

    Lease Extensions in Torrington