I want to let out my leasehold apartment in Yarm On Tees. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

Notwithstanding that your previous Yarm On Tees conveyancing lawyer is no longer around you can review your lease to check if it allows you to sublet the property. The rule is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you need to seek consent from your landlord or some other party before subletting. This means you not allowed to sublet without prior permission. Such consent must not not be unreasonably refused ore delayed. If your lease prohibits you from letting out the property you will need to ask your landlord for their consent.

I've found a house that seems to be perfect, at a great figure which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Yarm On Tees. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Yarm On Tees ?

The majority of houses in Yarm On Tees are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Yarm On Tees in which case you should be shopping around for a Yarm On Tees conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your conveyancer will appraise you on the various issues.

I am looking at a couple of flats in Yarm On Tees which have about forty five years remaining on the leases. Do I need to be concerned?

A lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this arena

Last month I purchased a leasehold house in Yarm On Tees. Do I have any liability for service charges relating to a period prior to completion of my purchase?

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. However, 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 be sure 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).

Can you provide any top tips for leasehold conveyancing in Yarm On Tees with the intention of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in Yarm On Tees can be bypassed if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the buyers lawyers.
• The majority freeholders or managing agents in Yarm On Tees charge for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Yarm On Tees.
• A minority of Yarm On Tees leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
• If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be concerned about purchasing a flat where a dispute is unresolved. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to ongoing.
• If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Arranging a replacement share certificate can be a lengthy formality and frustrates many a Yarm On Tees conveyancing transaction. If a new share certificate is required, do contact the company officers or managing agents (if applicable) for this as soon as possible.

Leasehold Conveyancing in Yarm On Tees - Sample of Queries Prior to Purchasing

In the main the cost for major works tend not to be incorporated into the service charges, albeit that a few managing agents in Yarm On Tees ask leaseholders to pay into a reserve fund created for the specific intention of establishing a fund for larger works.