Top Five Questions relating to Abridge leasehold conveyancing
I am on look out for some leasehold conveyancing in Abridge. Before I get started I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Abridge - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Abridge. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Abridge ?
The majority of houses in Abridge are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Abridge so you should seriously consider shopping around for a Abridge conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will appraise you on the various issues.
My wife and I purchased a leasehold flat in Abridge. Conveyancing and Yorkshire Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Abridge who acted for me is not around.What should I do?
First contact HMLR to make sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Abridge conveyancing firm 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 landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £350000 flat in Abridge on Wednesday in a week. The management company has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Abridge?
Abridge conveyancing on leasehold apartments often involves the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to address such questions most will be willing to do so. They may invoice a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it exceeds £800. The management information fee required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, otherwise the invoice is not strictly payable. In reality you have little option but to pay whatever is requested of you should you wish to sell the property.
After years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Abridge. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to judgment on the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Abridge residence is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case affected 2 flats. The the unexpired residue of the current lease was 69.26 years.
What makes a Abridge lease problematic?
There is nothing unique about leasehold conveyancing in Abridge. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Norwich and Peterborough Building Society, and Barclays Direct all have express requirements 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, forcing the purchaser to withdraw.