Totterdown leasehold conveyancing: Q and A’s
Frank (my husband) and I may need to let out our Totterdown 1st floor flat for a while due to a new job. We instructed a Totterdown conveyancing firm in 2004 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?
Some leases for properties in Totterdown do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Having checked my lease I have discovered that there are only 62 years remaining on my lease in Totterdown. I am keen to get lease extension but my freeholder is can not be found. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to track down the freeholder. On the whole an enquiry agent may be useful to conduct investigations and prepare a report to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Totterdown.
Looking forward to sign contracts shortly on a studio apartment in Totterdown. Conveyancing solicitors inform me that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Totterdown should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
I am looking at a couple of maisonettes in Totterdown which have about 50 years left on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Totterdown is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the premises. For most purchasers and banks, leases with under eighty years become less and less attractive. On a more positive 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 Totterdown 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 any new 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.
Do you have any top tips for leasehold conveyancing in Totterdown with the aim of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Totterdown can be bypassed if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ representatives.
- Many freeholders or managing agents in Totterdown levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Totterdown.
Totterdown Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing
This information is useful as a) areas can cause problems in the building as the common areas may start to deteriorate if repairs are not paid for b) if the tenants have a dispute with the managing agents you will want to have all the details
How many of the leaseholders are in arrears for their service charge payments?
Best to be warned whether window replacement or some other significant cost is anticipated that will be shared by the leasehold owners and may well materially impact the level of the service fees or require a one time invoice.