Frequently asked questions relating to Wisbech leasehold conveyancing
My wife and I may need to let out our Wisbech ground floor flat temporarily due to a new job. We instructed a Wisbech conveyancing practice in 2001 but they have closed and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?
A small minority of properties in Wisbech do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience suggests 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.
I am looking at a two maisonettes in Wisbech which have in the region of fifty years remaining on the leases. Will this present a problem?
There are plenty of short leases in Wisbech. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena
I've recently bought a leasehold house in Wisbech. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £275000 apartment in Wisbech on Friday in a week. The freeholder has quoted £324 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Wisbech?
Wisbech conveyancing on leasehold apartments nine out of ten times results in fees being levied by landlords agents :
- Answering pre-contract questions
- Where consent is required before sale in Wisbech
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What are the frequently found problems that you see in leases for Wisbech properties?
Leasehold conveyancing in Wisbech is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Skipton Building Society, and Nottingham Building Society all have very detailed conveyancing instructions 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 withdraw.
Leasehold Conveyancing in Wisbech - Examples of Queries before buying
What prohibitions are contained in the Wisbech Lease?
Plenty Wisbech leasehold apartments will incur a service charge for maintenance of the building set by the management company. If you buy the apartment you will have to meet this amount, usually periodically accross the year. This can vary from a couple of hundred pounds to thousands of pounds for blocks with lifts and large common areas. In all likelihood there will be a rentcharge to be met yearly, this is usually not a large sum, say about £50-£100 but you need to check it because on occasion it can be many hundreds of pounds.
This information is useful as a) areas can result in problems for the building as the common areas may start to deteriorate if services remain unpaid b) if the tenants have an issue with the running of the building you will want to have full disclosure