Questions and Answers: Askam In Furness leasehold conveyancing
I've found a house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Askam In Furness. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Askam In Furness 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 Askam In Furness in which case you should be looking for a Askam In Furness conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should appraise you on the various issues.
My wife and I purchased a leasehold flat in Askam In Furness. Conveyancing and Bank of Scotland 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. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Askam In Furness who previously acted has now retired.Do I pay?
First contact HMLR to be sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Askam In Furness conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. 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.
Can you provide any top tips for leasehold conveyancing in Askam In Furness from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Askam In Furness can be bypassed if you instruct lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the purchasers’ representatives.
- If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you laid down wooden flooring? Askam In Furness leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such changes. If you fail to have the consents to hand you should not communicate with the landlord without contacting your solicitor first.
If all goes to plan we aim to complete the sale of our £500000 apartment in Askam In Furness in just under a week. The freeholder has quoted £348 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Askam In Furness?
Askam In Furness conveyancing on leasehold apartments normally necessitates the purchaser’s lawyer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to address these enquiries the majority will be willing to do so. They are entitled levy a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it is in excess of £800. The management information fee levied by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, otherwise the invoice is not strictly payable. Reality however dictates that one has little choice but to pay whatever is requested of you should you wish to sell the property.
What makes a Askam In Furness lease unmortgageable?
There is nothing unique about leasehold conveyancing in Askam In Furness. All leases are unique and legal mistakes in the legal wording can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- 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 will 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. HSBC Bank, The Mortgage Works, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.
Askam In Furness Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
What is the yearly maintenance fee and ground rent?
If a Askam In Furness lease has less than eighty years it will impact the salability of the apartment. Check with your mortgage company that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will most likely need a lease extension at some point and it is worth finding out what this will be. For most Askam In Furnesslease extensions you will need to own the premises for two years in order to be entitled to extend the lease.
Generally speaking the outlay for major works tend not to be incorporated into the maintenance charges, although there some managing agents in Askam In Furness require leaseholders to pay into a sinking fund created for the specific purpose of establishing a fund for larger works.