Common questions relating to Bedminster leasehold conveyancing
I am on look out for some leasehold conveyancing in Bedminster. Before diving in I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Bedminster - 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.
I've found a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Bedminster. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
The majority of houses in Bedminster are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Bedminster in which case you should be shopping around for a Bedminster 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 unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor will appraise you on the various issues.
Back In 2008, I bought a leasehold flat in Bedminster. Conveyancing and Barclays mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Bedminster who previously acted has now retired.Any advice?
The first thing you should do is contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. It is not necessary to instruct a Bedminster conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I've recently bought a leasehold property in Bedminster. Do I have any liability for service charges for periods before completion of my purchase?
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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).
In relation to leasehold conveyancing in Bedminster what are the most frequent lease problems?
Leasehold conveyancing in Bedminster is not unique. Most leases are individual and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Skipton Building Society, and Barclays Direct 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 provide security, obliging the purchaser to pull out.
Leasehold Conveyancing in Bedminster - A selection of Questions you should ask before Purchasing
Make sure you enquire if the the lease contains any unreasonable restrictions in the lease. For example it is reasonably common in Bedminster leases that pets are not allowed in in a block in Bedminster. If you love the propertyin Bedminster however your cat is not allowed to make the move with you then you will be presented with a difficult determination.
The majority of Bedminster leasehold properties will be liable to pay a service charge for maintenance of the block levied on behalf of the landlord. If you acquire the property you will have to meet this contribution, normally quarterly accross the year. This may differ from a few hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a ground rent to be met annual, this is usually not a large amount, say approximately £25-£75 but you should to enquire as on occasion it could be many hundreds of pounds.
Is there a share of the freehold?