Top Five Questions relating to Bishopsworth leasehold conveyancing
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Bishopsworth. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Bishopsworth ?
The majority of houses in Bishopsworth are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Bishopsworth in which case you should be looking for a Bishopsworth conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will advise you fully on all the issues.
My wife and I purchased a leasehold flat in Bishopsworth. Conveyancing and Birmingham Midshires mortgage organised. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Bishopsworth who acted for me is not around.Any advice?
First 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. You do not need to incur the fees of a Bishopsworth conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a couple of flats in Bishopsworth both have about forty five years unexpired on the lease term. should I be concerned?
There are plenty of short leases in Bishopsworth. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this field
I've recently bought a leasehold house in Bishopsworth. 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 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. 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).
Do you have any top tips for leasehold conveyancing in Bishopsworth with the aim of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Bishopsworth can be bypassed where you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers representatives.
- Many freeholders or managing agents in Bishopsworth charge for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Bishopsworth.
Bishopsworth Leasehold Conveyancing - Examples of Queries before Purchasing
Most Bishopsworth leasehold flats will incur a service bill for the upkeep of the building invoiced on behalf of the management company. Where you purchase the apartment you will have to meet this liability, usually periodically during the year. This could differ from two or three hundred pounds to thousands of pounds for blocks with lifts and large common grounds. There will also be a ground rent for you to pay yearly, normally this is not a large amount, say about £25-£75 but you need to enquire as sometimes it could be many hundreds of pounds.
It would be sensible to find out as much as possible concerning the managing agents as they can either make your life much easier or a lot more difficult. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to practical matters such as the upkeep of the common parts. Enquire of other people what they think of their management. Finally, find out the dates that you are obliged pay the maintenance charge to the managing agents and precisely how they are spending that money.
Best to be warned whether window replacement or some other major work is due in the foreseeable future to be shared between the tenants and could well materially increase the the maintenance costs or necessitate a specific payment.