Recently asked questions relating to Warrington leasehold conveyancing
Helen (my wife) and I may need to let out our Warrington ground floor flat temporarily due to a new job. We instructed a Warrington conveyancing firm in 2003 but they have closed and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?
Your lease governs relations between the freeholder and you the flat owner; specifically, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Warrington do not prevent subletting altogether – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I own a leasehold house in Warrington. Conveyancing and Nationwide Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Warrington who acted for me is not around.Do I pay?
The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Warrington conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a two flats in Warrington both have about fifty years unexpired on the leases. Will this present a problem?
A lease is a right to use the property for a prescribed time frame. As a lease shortens the marketability of the lease reduces and results in it becoming more costly to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area
What are your top tips when it comes to finding a Warrington conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Warrington conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Warrington conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- How experienced is the firm with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Warrington with the purpose of expediting the sale process?
- Much of the delay in leasehold conveyancing in Warrington can be bypassed where you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ representatives.
- The majority freeholders or managing agents in Warrington charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought 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 usual cause of frustration in leasehold conveyancing in Warrington.
Warrington Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing
The best form of lease arrangement is where the freehold title is owned by the leaseholders. In this situation the tenants benefit from control and although a managing agent is usually retained if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.
Best to be warned if changing the roof or some other major work is anticipated that will be shared amongst the tenants and will dramatically increase the the service costs or require a specific invoice.
Does this lease have in excess of 80 years remaining?