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Top Five Questions relating to Wellesbourne leasehold conveyancing

Harry (my fiance) and I may need to rent out our Wellesbourne garden flat for a while due to a new job. We used a Wellesbourne conveyancing firm in 2002 but they have closed and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?

Notwithstanding that your previous Wellesbourne conveyancing solicitor is not around you can check your lease to see if it allows you to sublet the premises. The rule is that if the deeds are non-specific, subletting is allowed. There may be a precondition that you are obliged to seek permission from your landlord or other appropriate person in advance of subletting. This means you not allowed to sublet in the absence of first obtaining permission. The consent should not be unreasonably withheld. If the lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.

My wife and I purchased a leasehold flat in Wellesbourne. Conveyancing and Accord Mortgages Ltd mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Wellesbourne who acted for me is not around.Any advice?

The first thing you should do is contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to instruct a Wellesbourne conveyancing solicitor 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 no more than 6 years of rent can be collected.

I am looking at a two flats in Wellesbourne both have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Wellesbourne is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most buyers and lenders, leases with less than 75 years become less and less attractive. 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 property 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 property 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 Wellesbourne 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 the agreed 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.

What are your top tips when it comes to finding a Wellesbourne conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Wellesbourne conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Wellesbourne conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • Can they put you in touch with client in Wellesbourne who can give a testimonial?
  • What are the costs for lease extension work?

    • Can you provide any top tips for leasehold conveyancing in Wellesbourne from the point of view of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Wellesbourne can be bypassed where you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors.
    • Many landlords or managing agents in Wellesbourne levy fees for providing management packs for a leasehold property. You or your lawyers should discover 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 frequent reason for frustration in leasehold conveyancing in Wellesbourne.
  • If you have carried out any alterations to the property would they have required Landlord’s permission? In particular have you laid down wooden flooring? Wellesbourne leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence from the Landlord approving such changes. Should you fail to have the approvals to hand do not contact the landlord without contacting your lawyer in the first instance.
  • Some Wellesbourne leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is under 80 years. In the circumstances it is important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Wellesbourne Leasehold Conveyancing - Examples of Questions you should ask before Purchasing

      What is the service charge and ground rent on the flat? Are there any major works in the near future that will add a premium to the service costs? It is important to be aware if window replacement or some other major work is anticipated that will be shared between the tenants and will materially impact the level of the maintenance fees or necessitate a specific invoice.

    Other Topics

    Lease Extensions in Wellesbourne