Common questions relating to Whaley Bridge leasehold conveyancing
I would like to sublet my leasehold flat in Whaley Bridge. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Some leases for properties in Whaley Bridge do contain a provision to say that subletting is only permitted with prior consent from the landlord. 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 consent.
I have recently realised that I have Seventy years left on my flat in Whaley Bridge. I now want to get lease extension but my freeholder is missing. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to find the freeholder. On the whole a specialist would be useful to try and locate and to produce a report which can be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s absence and the application to the County Court overseeing Whaley Bridge.
Looking forward to sign contracts shortly on a leasehold property in Whaley Bridge. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Whaley Bridge should include some of the following:
- You should receive a copy of the lease
I am tempted by the attractive purchase price for a two maisonettes in Whaley Bridge both have approximately forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Whaley Bridge 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 marketability of the property. For most purchasers and banks, leases with under eighty years become less and less marketable. 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 Whaley Bridge 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
I am employed by a busy estate agent office in Whaley Bridge where we have experienced a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Whaley Bridge conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease 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 buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
Leasehold Conveyancing in Whaley Bridge - A selection of Questions you should consider before buying
The answer will be useful as a) areas could cause problems in the block as the communal areas may begin to deteriorate where maintenance are not paid for b) if the leaseholders have an issue with the running of the building you will want to know about it
How much is the ground rent and service charge?
The prefered form of lease structure is a share of the freehold. In this scenario the tenants have being in charge if their destiny and although a managing agent is usually employed where it is larger than a house conversion, the managing agent is directed by the tenants.