I am on look out for some leasehold conveyancing in Winterbourne. Before diving in I would like to find out the remaining lease term.

If the lease is recorded at the land registry - and 99.9% are in Winterbourne - 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.

I am intending to rent out my leasehold apartment in Winterbourne. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

Even though your last Winterbourne conveyancing lawyer is not available you can review your lease to check if you are permitted to let out the premises. The rule is that if the lease is silent, subletting is allowed. There may be a precondition that you must obtain permission via your landlord or other appropriate person in advance of subletting. The net result is that you cannot sublet in the absence of first obtaining permission. Such consent should not be unreasonably turned down. If the lease prohibits you from subletting the property you should ask your landlord for their consent.

I’m about to sell my garden flat in Winterbourne.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am attracted to a couple of apartments in Winterbourne both have about 50 years unexpired on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Winterbourne is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of purchasers 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 property 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 Winterbourne 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.

When it comes to leasehold conveyancing in Winterbourne what are the most frequent lease defects?

Leasehold conveyancing in Winterbourne is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the building
• 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

You may 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. Nationwide Building Society, Barnsley Building Society, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.

Leasehold Conveyancing in Winterbourne - A selection of Questions you should ask before buying

How is the lease structured? Are any of leasehold owners in arrears of their service charge payments? Please note if it is less than 80 years it will have adverse implications on the marketability of the flat. It is worth checking with your bank that they are happy with residual term of the lease. A short lease means that you will probably have to extend the lease at some point and you need to have some idea of how much this will be. For most Winterbournelease extensions you will need to own the property for 24 months before you are eligible to exercise a lease extension.

Other Topics

Lease Extensions in Winterbourne