Frequently asked questions relating to Billingham leasehold conveyancing
I am on look out for some leasehold conveyancing in Billingham. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Billingham - 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.
Back In 2000, I bought a leasehold flat in Billingham. Conveyancing and Platform Home Loans Ltd mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Billingham who previously acted has long since retired.What should I do?
The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Billingham conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
What are your top tips when it comes to finding a Billingham conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Billingham conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Billingham conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- How experienced is the firm with lease extension legislation?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £250000 garden flat in Billingham next Tuesday . The management company has quoted £396 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Billingham?
Billingham conveyancing on leasehold maisonettes nine out of ten times results in administration charges raised by landlords agents :
- Answering pre-contract enquiries
- Where consent is required before sale in Billingham
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Are there frequently found defects that you encounter in leases for Billingham properties?
There is nothing unique about leasehold conveyancing in Billingham. All leases are individual and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- 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 will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Virgin Money, and Aldermore all have express requirements 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 grant the mortgage, forcing the purchaser to pull out.
Billingham Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing
What is the the remaining lease term?
Make sure you discover if there is anything that is prohibited in the lease. For example it is fairly common in Billingham leases that pets are not permitted in in a block in Billingham. If you like the apartmentin Billingham however your dog is not allowed to move with you then you have a very hard compromise.
Is there a share of the freehold?