Downend leasehold conveyancing: Q and A’s
I am intending to rent out my leasehold flat in Downend. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Notwithstanding that your previous Downend conveyancing lawyer is no longer available you can review your lease to check if it allows you to sublet the premises. The rule is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you need to seek permission from your landlord or some other party in advance of subletting. This means you not allowed to sublet without first obtaining permission. Such consent must not not be unreasonably refused ore delayed. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
Having checked my lease I have discovered that there are only Fifty years unexpired on my lease in Downend. I now want to get lease extension but my freeholder is missing. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to track down the freeholder. In some cases a specialist would be helpful to carry out a search and prepare an expert document to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Downend.
I have just appointed agents to market my basement apartment in Downend.Conveyancing has not commenced but I have just received a yearly service charge invoice – Do I pay up?
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 a negotiator for a long established estate agency in Downend where we see a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Downend conveyancing firms. Could you shed some light as to whether the owner of a flat can commence the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Do you have any top tips for leasehold conveyancing in Downend from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Downend can be bypassed if you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers.
- The majority landlords or Management Companies in Downend levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Downend.
Leasehold Conveyancing in Downend - Examples of Queries before buying
-
How much is the annual service fee and ground rent?
Are there any major works in the near future that could add a premium to the maintenance charges?
Where a Downend lease has fewer than eighty years it will affect the marketability of the property. Check with your lender that they are content with residual term of the lease. Leases with fewer than 80 years remaining means that you will probably require a lease extension at some point and you need to have some idea of how much this would cost. Remember, in most cases you will need to own the residence for two years in order to be eligible to extend the lease.
Other Topics