Leasehold Conveyancing in Warfield - Get a Quote from the leasehold experts approved by your lender

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Examples of recent questions relating to leasehold conveyancing in Warfield

I am intending to rent out my leasehold flat in Warfield. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

Even though your last Warfield conveyancing solicitor is no longer available you can check your lease to see if it allows you to sublet the premises. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you must seek consent via your landlord or some other party prior to subletting. The net result is that you cannot sublet without prior consent. The consent must not not be unreasonably refused ore delayed. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.

Back In 2009, I bought a leasehold flat in Warfield. Conveyancing and Platform Home Loans Ltd mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Warfield who previously acted has now retired.What should I do?

The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the new freeholder. You do not need to instruct a Warfield conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two apartments in Warfield which have approximately forty five years unexpired on the lease term. should I be concerned?

There are no two ways about it. A leasehold apartment in Warfield is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most purchasers and lenders, leases with less than eighty years become less and less marketable. On a more upbeat 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 premises 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 Warfield 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.

Can you provide any advice for leasehold conveyancing in Warfield from the point of view of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Warfield can be avoided where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information needed by the purchasers’ lawyers.
  • Many landlords or Management Companies in Warfield levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Warfield.
  • A minority of Warfield leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying 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 buyers or their solicitors.
  • If you are supposed to have a share in the Management Company, you should ensure that you hold the original share document. Obtaining a replacement share certificate is often a time consuming process and delays many a Warfield conveyancing deal. If a reissued share is required, you should approach the company officers or managing agents (if applicable) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. It is therefore essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • When it comes to leasehold conveyancing in Warfield what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in Warfield. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the premises
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Skipton Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

    Warfield Leasehold Conveyancing - A selection of Queries before buying

      Be sure to investigate if there is anything that is prohibited in the lease. By way of example it is very common in Warfield leases that pets are not allowed in in a block in Warfield. If you love the apartmentin Warfield but your cat is not allowed to make the move with you then you will be faced difficult compromise. How much is the maintenance charge and ground rent on the property? The answer will be useful as a) areas could result in problems in the building as the common areas may start to deteriorate where services remain unpaid b) if the leaseholders have a dispute with the managing agents you will wish to know about it

    Other Topics

    Lease Extensions in Warfield