Frequently asked questions relating to Woodley leasehold conveyancing
Jane (my partner) and I may need to rent out our Woodley garden flat temporarily due to a career opportunity. We instructed a Woodley conveyancing firm in 2003 but they have closed and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your previous Woodley conveyancing lawyer is not around you can check 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 from your landlord or some other party before subletting. This means that you cannot sublet in the absence of first obtaining consent. The consent should not be unreasonably refused ore delayed. If your lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.
I am hoping to exchange soon on a studio apartment in Woodley. Conveyancing solicitors inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Woodley should include some of the following:
- You should receive a copy of the lease
I have just started marketing my basement apartment in Woodley.Conveyancing has not commenced but I have just had a half-yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the invoice 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. This will smooth the conveyancing process.
I am tempted by the attractive purchase price for a couple of flats in Woodley which have in the region of forty five years unexpired on the leases. Will this present a problem?
A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the value of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this field
Do you have any advice for leasehold conveyancing in Woodley from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Woodley can be reduced where you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
- The majority freeholders or managing agents in Woodley levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Woodley.
Woodley Conveyancing for Leasehold Flats - A selection of Questions you should ask before buying
The prefered form of lease arrangement is if the freehold reversion is owned by the leaseholders. In this scenario the lessees enjoy control and although a managing agent is often retained if it is bigger than a house conversion, the managing agent employed by the leaseholders.
It would be prudent to find out as much as possible regarding the managing agents as they will either make your living at the property much easier or problematic. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day matters such as the tidiness of the communal areas. Ask other people if they are happy with their service. In conclusion, investigate as to the dates that the service charges are due to the relevant party and precisely what it includes.
Is the freehold owned jointly by the tenants?