Common questions relating to Washwood Heath leasehold conveyancing
I am in need of some leasehold conveyancing in Washwood Heath. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Washwood Heath - 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.
I am intending to sublet my leasehold flat in Washwood Heath. 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 previous Washwood Heath conveyancing solicitor is not available you can check your lease to see if you are permitted to let out the apartment. The rule is that if the deeds are silent, subletting is permitted. There may be a precondition that you must seek consent from your landlord or some other party before subletting. This means you not allowed to sublet in the absence of first obtaining permission. Such consent should not be unreasonably withheld. If your lease prohibits you from subletting the property you should ask your landlord for their consent.
Estate agents have just been given the go-ahead to market my 2 bed apartment in Washwood Heath.Conveyancing is yet to be initiated but I have just had a half-yearly service charge demand – what should I do?
It best that you 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. This will smooth the conveyancing process.
I am attracted to a couple of maisonettes in Washwood Heath both have approximately forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Washwood Heath is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most buyers and lenders, 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 a residence 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 Washwood Heath conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
In relation to leasehold conveyancing in Washwood Heath what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Washwood Heath. Most leases are individual and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements 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 will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Leeds Building Society, and Britannia 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 grant the mortgage, obliging the buyer to withdraw.
Washwood Heath Leasehold Conveyancing - Sample of Queries before Purchasing
Does this lease have more than 90 years left?
What is the annual service fee and ground rent?
It would be wise to discover as much as you can about the company managing the block as they will either make life much simpler or problematic. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to practical matters like the upkeep of the common parts. Enquire of other tenants what they think of their management. On a final note, be sure you understand the dates that you are obliged pay the maintenance charge to the appropriate party and precisely what it includes.