Fixed-fee leasehold conveyancing in Whaley Bridge:

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Questions and Answers: Whaley Bridge leasehold conveyancing

I am on look out for some leasehold conveyancing in Whaley Bridge. Before I get started I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and almost all are in Whaley Bridge - 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.

My partner and I may need to let out our Whaley Bridge garden flat temporarily due to a career opportunity. We instructed a Whaley Bridge conveyancing firm in 2002 but they have closed and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

Even though your last Whaley Bridge conveyancing lawyer is no longer around you can review your lease to see if you are permitted to let out the property. The rule is that if the deeds are silent, subletting is allowed. There may be a precondition that you need to seek permission via your landlord or some other party in advance of subletting. The net result is you not allowed to sublet in the absence of first obtaining consent. Such consent must not not be unreasonably refused ore delayed. If the lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.

Expecting to exchange soon on a studio apartment in Whaley Bridge. Conveyancing solicitors have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Whaley Bridge should include some of the following:

  • The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
  • The physical extent of the demise. This will be the apartment itself but may incorporate a roof space or cellar if applicable.
  • Defining your legal entitlements in respect of common areas in the block.For instance, does the lease contain a right of way over an accessway or staircase?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a sinking fund?
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Whaley Bridge please enquire of your solicitor in ahead of your conveyancing in Whaley Bridge

    • I've recently bought a leasehold property in Whaley Bridge. Am I liable to pay service charges relating to a period prior to completion of my purchase?

    In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    Do you have any top tips for leasehold conveyancing in Whaley Bridge with the aim of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Whaley Bridge can be avoided if you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information needed by the buyers representatives.
    • The majority landlords or Management Companies in Whaley Bridge levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Whaley Bridge.
  • A minority of Whaley Bridge leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to present the dispute as historic rather than unsettled.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is below 80 years. It is therefore important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I acquired a split level flat in Whaley Bridge, conveyancing having been completed in 1998. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Whaley Bridge with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £50 yearly. The lease comes to an end on 21st October 2100

    With only 75 years left to run the likely cost is going to span between £11,400 and £13,200 as well as professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Whaley Bridge