Common questions relating to Bishopsworth leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Bishopsworth. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Bishopsworth - 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.
My wife and I purchased a leasehold house in Bishopsworth. Conveyancing and Virgin Money mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Bishopsworth who previously acted has now retired.Do I pay?
First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Bishopsworth conveyancing practitioner to do this as you can do this on the Land Registry website 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.
Can you provide any top tips for leasehold conveyancing in Bishopsworth from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Bishopsworth can be avoided where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ representatives.
- The majority freeholders or Management Companies in Bishopsworth charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Bishopsworth.
All being well we will complete the disposal of our £225000 maisonette in Bishopsworth in just under a week. The management company has quoted £300 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Bishopsworth?
Bishopsworth conveyancing on leasehold maisonettes usually requires the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be willing to assist. They may charge a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some situations it is above £800. The administration charge invoiced by the landlord must be sent together with a summary of entitlements and obligations in relation to administration charges, otherwise the charge is not strictly payable. In reality you have no option but to pay whatever is demanded if you want to exchange contracts with the buyer.
When it comes to leasehold conveyancing in Bishopsworth what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Bishopsworth. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Royal Bank of Scotland, and TSB 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 grant the mortgage, obliging the purchaser to pull out.
Bishopsworth Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing
Make sure you find out if the the lease contains any adverse restrictions in the lease. For instance plenty of leases prohibit pets being allowed in in a block in Bishopsworth. If you like the flatin Bishopsworth however your cat is not allowed to move with you then you will be presented with a hard compromise.
In the main the outlay for major works tend not to be included within service charges, albeit that some managing agents in Bishopsworth ask tenants to contribute towards a sinking fund created for the specific purpose of establishing a fund for larger works.
Does the lease have onerous restrictions?