Binfield leasehold conveyancing Example Support Desk Enquiries
My wife and I purchased a leasehold flat in Binfield. Conveyancing and Skipton Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Binfield who previously acted has long since retired.Any advice?
First make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. There is no need to instruct a Binfield conveyancing firm 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 rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two flats in Binfield both have about forty five years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Binfield is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 premises 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 Binfield conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 any new 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.
I've recently bought a leasehold property in Binfield. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner 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 ensure 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).
Can you offer any advice when it comes to choosing a Binfield conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Binfield conveyancing firm) it is essential 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 Binfield conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- How familiar is the practice with lease extension legislation?
We expect to complete the sale of our £425000 maisonette in Binfield on Thursday in a week. The freeholder has quoted £360 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Binfield?
Binfield conveyancing on leasehold maisonettes more often than not requires the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries the majority will be willing to assist. They are entitled charge a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge invoiced by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, otherwise the charge is technically not due. In reality you have little choice but to pay whatever is requested of you should you wish to complete the sale of your home.
Binfield Leasehold Conveyancing - Sample of Questions you should ask before Purchasing
Generally speaking the outlay for major works are not included within maintenance charges, albeit that there some managing agents in Binfield require tenants to pay into a reserve fund created for the specific purpose of establishing a fund for major repairs or maintenance.
The prefered form of lease structure is a share of the freehold. In this scenario the leaseholders have control and even though a managing agent is often retained where it is larger than a house conversion, the managing agent acts for the leaseholders themselves.
Its a good idea to find out as much as possible regarding the company managing the building as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to practical issues such as the upkeep of the communal areas. You should not be afraid to ask other people what they think of them. In conclusion, investigate as to the dates that the service fees are due to the managing agents and precisely how they are spending that money.