Top Five Questions relating to Wolverton leasehold conveyancing
I want to rent out my leasehold apartment in Wolverton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Notwithstanding that your previous Wolverton conveyancing solicitor is not available you can check your lease to see if you are permitted to let out the apartment. The accepted inference is that if the deeds are silent, subletting is permitted. Quite often there is a prerequisite that you are obliged to obtain consent via your landlord or other appropriate person before subletting. The net result is that you cannot sublet in the absence of first obtaining consent. The consent is not allowed to be unreasonably withheld. If the lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.
Looking forward to exchange soon on a garden flat in Wolverton. Conveyancing lawyers have said that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Wolverton should include some of the following:
- You should receive a copy of the lease
I’m about to sell my 2 bed flat in Wolverton.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge invoice – what should I do?
The sensible thing to do is discharge 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 management companies 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. This will smooth the conveyancing process.
I own a leasehold house in Wolverton. Conveyancing and Chelsea Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Wolverton who acted for me is not around.What should I do?
First contact the Land Registry to be sure that this person is indeed the new freeholder. You do not need to instruct a Wolverton conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two apartments in Wolverton which have in the region of forty five years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Wolverton 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 buyers and lenders, leases with under 75 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 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 Wolverton 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.
Leasehold Conveyancing in Wolverton - A selection of Queries before Purchasing
Where a Wolverton lease has no more than 80 years it will affect the marketability of the flat. Check with your lender that they are happy with residual term of the lease. A short lease means that you will probably require a lease extension sooner rather than later and you need to have some idea of how much this would cost. For most Wolvertonlease extensions you will need to own the premises for a couple of years in order to be eligible to extend the lease.
Who is in charge of the building?
It is important to be aware whether changing the roof or some other significant cost is due shortly that will be shared between the tenants and will materially impact the level of the service fees or necessitate a one off payment.