Top Five Questions relating to Walkden leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Walkden. Before diving in I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Walkden - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Frank (my husband) and I may need to sub-let our Walkden 1st floor flat for a while due to a new job. We used a Walkden conveyancing practice in 2004 but they have since shut and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
Notwithstanding that your previous Walkden conveyancing solicitor is no longer available you can review your lease to see if it allows you to sublet the apartment. The accepted inference is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you are obliged to obtain permission from your landlord or some other party before subletting. This means you not allowed to sublet without prior permission. Such consent must not not be unreasonably withheld. If your lease prohibits you from letting out the property you will need to ask your landlord if they are willing to waive this restriction.
I am attracted to a couple of maisonettes in Walkden which have approximately fifty years remaining on the leases. should I be concerned?
There are plenty of short leases in Walkden. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the marketability of the lease reduces and results in it becoming more costly to extend the lease. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field
Last month I purchased a leasehold flat in Walkden. Am I liable to pay service charges relating to a period prior to my ownership?
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 ensure 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).
I am employed by a reputable estate agent office in Walkden where we see a number of leasehold sales derailed due to short leases. I have received conflicting advice from local Walkden conveyancing firms. Please can you confirm whether the vendor of a flat can start the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is 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 buyer.
Walkden Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
Please note that where the lease has fewer than 80 years it will affect the value of the apartment. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely require a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you would need to own the residence for 24 months in order to be eligible to extend the lease.
For most Walkden leaseholds the cost for major works tend not to be included within maintenance charges, although some managing agents in Walkden require leaseholders to contribute towards a reserve fund created for the specific intention of establishing a fund for major works.
Are there any major works anticipated that could increase the service charges?