Top Five Questions relating to Arnside leasehold conveyancing
I am in need of some leasehold conveyancing in Arnside. Before I get started I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Arnside - 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 own a leasehold flat in Arnside. Conveyancing and Virgin Money mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Arnside who acted for me is not around.Any advice?
First contact the Land Registry to make sure that this person is in fact the new freeholder. It is not necessary to instruct a Arnside conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of flats in Arnside both have approximately 50 years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As the lease shortens the value of the lease reduces and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field
Can you offer any advice when it comes to choosing a Arnside conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Arnside conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Arnside conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- How experienced is the practice with lease extension legislation?
When it comes to leasehold conveyancing in Arnside what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Arnside. Most leases is drafted differently and drafting errors can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Coventry Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.
Leasehold Conveyancing in Arnside - Examples of Questions you should ask before buying
Best to be warned whether redecorating or some other significant cost is anticipated that will be shared by the leaseholders and will materially impact the level of the maintenance costs or require a specific payment.
Its a good idea to discover as much as you can regarding the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to daily issues such as the cleanliness of the common parts. Enquire of other people what they think of them. On a final note, investigate as to the dates that the service charges are due to the managing agents and specifically what you get for your money.
Does the lease have onerous restrictions?