Recently asked questions relating to Wimborne leasehold conveyancing
I would like to sublet my leasehold apartment in Wimborne. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Notwithstanding that your previous Wimborne conveyancing solicitor is not around you can review your lease to see if you are permitted to let out the apartment. The rule is that if the lease is silent, subletting is permitted. There may be a precondition that you must seek consent from your landlord or some other party in advance of subletting. This means you not allowed to sublet without first obtaining permission. Such consent is not allowed to be unreasonably refused ore delayed. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
Having checked my lease I have discovered that there are only 68 years remaining on my flat in Wimborne. I now wish to get lease extension but my freeholder is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you have used your best endeavours to track down the freeholder. In some cases a specialist would be useful to conduct investigations and to produce a report to be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Wimborne.
Expecting to exchange soon on a studio apartment in Wimborne. Conveyancing solicitors have said that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Wimborne should include some of the following:
- Defining your rights in relation to common areas in the block.For example, does the lease grant a right of way over a path or staircase?
I am tempted by the attractive purchase price for a two apartments in Wimborne which have in the region of 50 years remaining on the leases. Will this present a problem?
There are plenty of short leases in Wimborne. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena
What are the common defects that you encounter in leases for Wimborne properties?
Leasehold conveyancing in Wimborne is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Virgin Money, and TSB all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.
Wimborne Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing
How much is the service charge and ground rent on the property?
Best to be warned whether changing the roof or some other significant cost is pending that will be shared amongst the leasehold owners and could well materially impact the level of the maintenance costs or result in a specific payment.
You should be aware that where the lease has no more than eighty years it will affect the salability of the apartment. Check with your mortgage company that they are happy with the length of the lease. Leases with less than 80 years remaining means that you will almost definitely need a lease extension at some point and it is worth finding out how much this will be. Remember, in most cases you would be be obliged to have been the owner of the premises for two years in order to be eligible to carry out a lease extension.