Frequently asked questions relating to Bacup leasehold conveyancing
Planning to complete next month on a garden flat in Bacup. Conveyancing solicitors have said that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Bacup should include some of the following:
- You should be sent a copy of the lease
My wife and I purchased a leasehold flat in Bacup. Conveyancing and Halifax mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Bacup who previously acted has now retired.Any advice?
The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to instruct a Bacup 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 legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I've recently bought a leasehold house in Bacup. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What are your top tips when it comes to appointing a Bacup conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Bacup conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Bacup conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- If the firm is not ALEP accredited then what is the reason?
When it comes to leasehold conveyancing in Bacup what are the most frequent lease problems?
Leasehold conveyancing in Bacup is not unique. Most leases is drafted differently and drafting errors can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Leeds Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.
Bacup Leasehold Conveyancing - Sample of Questions you should consider before Purchasing
You will want to find out as much as possible regarding the managing agents as they will either make your living at the property much simpler or much more difficult. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to every day issues like the tidiness of the communal areas. Ask other tenants if they are happy with their management. On a final note, be sure you know the dates that you are obliged pay the maintenance charge to the relevant party and specifically what it includes.
The best form of lease arrangement is where the freehold reversion is in the ownership of the leaseholders. In this scenario the tenants have control and even though a managing agent is usually retained where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.
Best to be warned if fixing the lift or some other major work is pending that will be shared between the tenants and could well materially increase the the service fees or necessitate a one off invoice.