Common questions relating to Westbury On Trym leasehold conveyancing
I want to sublet my leasehold flat in Westbury On Trym. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Some leases for properties in Westbury On Trym do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
My wife and I purchased a leasehold house in Westbury On Trym. Conveyancing and Nationwide Building Society mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Westbury On Trym who acted for me is not around.Any advice?
The first thing you should do is contact HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to instruct a Westbury On Trym 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 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of apartments in Westbury On Trym both have in the region of fifty years left on the leases. Will this present a problem?
There are plenty of short leases in Westbury On Trym. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies 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 solicitor and surveyor with experience in this field
I work for a reputable estate agent office in Westbury On Trym where we see a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Westbury On Trym conveyancing firms. Can you shed some light as to whether the seller of a flat can initiate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
What makes a Westbury On Trym lease unmortgageable?
There is nothing unique about leasehold conveyancing in Westbury On Trym. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, The Mortgage Works, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.
Leasehold Conveyancing in Westbury On Trym - Sample of Questions you should consider Prior to buying
For many Westbury On Trym leaseholds the outlay for major works tend not to be included within maintenance charges, albeit that there some managing agents in Westbury On Trym obliged leasehold owners to pay into a reserve fund and this is used to offset against major repairs or maintenance.
Best to be warned if window replacement or some other significant cost is due in the foreseeable future that will be shared between the tenants and may well materially increase the the service fees or necessitate a one off payment.
Its a good idea to discover as much as possible concerning the company managing the building as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to every day issues such as the upkeep of the common parts. Ask prospective neighbours if they are happy with their service. In conclusion, investigate as to the dates that the service charges are due to the appropriate party and precisely what you get for your money.