Recently asked questions relating to Balsall Common leasehold conveyancing
I am on look out for some leasehold conveyancing in Balsall Common. Before diving in I want to be sure as to the remaining lease term.
If the lease is registered - and almost all are in Balsall Common - 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 have just appointed agents to market my basement apartment in Balsall Common.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the invoice 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 managing agents 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. This will smooth the conveyancing process.
Back In 2008, I bought a leasehold house in Balsall Common. Conveyancing and Skipton Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Balsall Common who acted for me is not around.What should I do?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Balsall Common conveyancing solicitor 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 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a two apartments in Balsall Common which have about forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Balsall Common is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Balsall Common conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Do you have any top tips for leasehold conveyancing in Balsall Common with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Balsall Common can be bypassed where you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
- Many freeholders or Management Companies in Balsall Common charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Balsall Common.
Leasehold Conveyancing in Balsall Common - A selection of Questions you should consider Prior to buying
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On the whole the outlay for major works are not incorporated into the service charges, although there some managing agents in Balsall Common ask tenants to contribute towards a reserve fund created for the specific intention of building a fund for major repairs or maintenance.
It is important to be aware if redecorating or some other significant cost is coming up to be shared amongst the leaseholders and could well dramatically impact the level of the service costs or result in a specific invoice.
Its a good idea to find out as much as you can regarding the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to practical matters like the cleanliness of the communal areas. Enquire of prospective neighbours whether they are happy with their management. In conclusion, find out the dates that you are obliged pay the maintenance charge to the relevant party and specifically how they are spending that money.
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