Examples of recent questions relating to leasehold conveyancing in Wendover
I want to let out my leasehold flat in Wendover. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Even though your last Wendover conveyancing solicitor is no longer available you can review your lease to see if you are permitted to let out the premises. The rule is that if the deeds are silent, subletting is permitted. Quite often there is a prerequisite that you must seek permission from your landlord or some other party in advance of subletting. This means you not allowed to sublet in the absence of first obtaining permission. The consent should not be unreasonably refused ore delayed. If the lease does not allow you to sublet you will need to ask your landlord for their consent.
I am attracted to a two flats in Wendover which have approximately fifty years left on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Wendover is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most buyers and lenders, leases with less than 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 Wendover 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 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.
Can you provide any advice for leasehold conveyancing in Wendover from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Wendover can be avoided if you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers representatives.
- Many landlords or managing agents in Wendover levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Wendover.
If all goes to plan we aim to complete the disposal of our £475000 flat in Wendover in just under a week. The managing agents has quoted £408 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Wendover?
Wendover conveyancing on leasehold maisonettes more often than not involves the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be willing to do so. They are entitled charge a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some situations it is above £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, without which the charge is technically not due. In reality one has no option but to pay whatever is demanded if you want to sell the property.
What makes a Wendover lease problematic?
There is nothing unique about leasehold conveyancing in Wendover. All leases is drafted differently and legal mistakes in the legal wording 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 parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Chelsea Building Society, and Aldermore all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.
Wendover Conveyancing for Leasehold Flats - A selection of Queries before buying
How is the lease structured?
The best form of lease arrangement is where the freehold title is owned by the leaseholders. In this arrangement the leaseholders benefit from being in charge if their destiny and even though a managing agent is often retained if the building is bigger than a house conversion, the managing agent is directed by the tenants.
How many of the leaseholders are in arrears for their maintenance charge payments?