Questions and Answers: Walkden leasehold conveyancing
My husband and I may need to sub-let our Walkden garden flat temporarily due to a new job. We used a Walkden conveyancing practice in 2001 but they have closed and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
A small minority of properties in Walkden do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience dictates 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 permission.
I’m about to sell my 2 bed apartment in Walkden.Conveyancing has not commenced but I have just received a half-yearly maintenance charge demand – what should I do?
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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
Can you offer any advice when it comes to finding a Walkden conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Walkden conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Walkden conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- If they are not ALEP accredited then why not?
Do you have any top tips for leasehold conveyancing in Walkden with the aim of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Walkden can be reduced if you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers conveyancers.
- The majority landlords or Management Companies in Walkden levy fees for providing management packs for a leasehold property. 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 accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Walkden.
Are there frequently found defects that you see in leases for Walkden properties?
Leasehold conveyancing in Walkden is not unique. All leases are unique and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations 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
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. National Westminster Bank, Skipton Building Society, 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, obliging the buyer to pull out.
Leasehold Conveyancing in Walkden - A selection of Questions you should ask before buying
How much is the ground rent and service charge?
If a Walkden lease has less than eighty years it will affect the value of the property. It is worth checking with your bank that they are content with residual term of the lease. A short lease means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you would be be obliged to have owned the premises for 24 months in order to be entitled to carry out a lease extension.
Plenty Walkden leasehold properties will incur a service bill for maintenance of the block invoiced by the management company. Where you acquire the property you will have to meet this amount, usually quarterly throughout the year. This may vary from a couple of hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent to be met annual, this is usually not a exorbitant amount, say around £50-£100 but you should to check as sometimes it could be prohibitively expensive.