Questions and Answers: Babbacombe leasehold conveyancing
I am on look out for some leasehold conveyancing in Babbacombe. Before I set the wheels in motion I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and most are in Babbacombe - then the leasehold title will always include the short particulars 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.
Having checked my lease I have discovered that there are only Seventy years unexpired on my flat in Babbacombe. I am keen to get lease extension but my landlord is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to prove that you have done all that could be expected to locate the landlord. For most situations an enquiry agent should be useful to conduct investigations and to produce an expert document to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Babbacombe.
Estate agents have just been given the go-ahead to market my garden apartment in Babbacombe.Conveyancing is yet to be initiated but I have just received a quarterly service charge invoice – Do I pay up?
It best that you discharge 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 management companies 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 hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Babbacombe. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
Most houses in Babbacombe are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Babbacombe so you should seriously consider shopping around for a Babbacombe conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your solicitor should advise you fully on all the issues.
Can you provide any top tips for leasehold conveyancing in Babbacombe from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Babbacombe can be reduced if you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation needed by the purchasers’ conveyancers.
- The majority landlords or managing agents in Babbacombe charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Babbacombe.
Babbacombe Leasehold Conveyancing - Sample of Questions you should ask Prior to buying
Does the lease contain onerous restrictions?
The answer will be useful as a) areas can result in problems in the block as the communal areas may begin to deteriorate where repairs remain unpaid b) if the tenants have an issue with the managing agents you will need to have all the details
Best to be warned whether redecorating or some other major work is due shortly that will be shared by the tenants and will materially impact the level of the service costs or result in a one time payment.