Common questions relating to Bishopsworth leasehold conveyancing
Due to complete next month on a ground floor flat in Bishopsworth. Conveyancing solicitors assured me that they are sending me a report tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Bishopsworth should include some of the following:
- You should receive a copy of the lease
I own a leasehold house in Bishopsworth. Conveyancing and Santander mortgage organised. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Bishopsworth who acted for me is not around.Do I pay?
The first thing you should do is contact the Land Registry to make sure that this person 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. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of apartments in Bishopsworth which have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area
I've recently bought a leasehold flat in Bishopsworth. 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 owner and they have not paid you would not usually be personally liable for the arrears. However, 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).
Do you have any advice for leasehold conveyancing in Bishopsworth from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Bishopsworth can be avoided where you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers conveyancers.
- Many freeholders or managing agents in Bishopsworth charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Bishopsworth.
Leasehold Conveyancing in Bishopsworth - A selection of Queries Prior to buying
The prefered form of lease structure is a share of the freehold. In this situation the lessees benefit from being in charge if their destiny and even though a managing agent is often retained where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
Is anyone aware of any major works on the horizon that will likely increase the maintenance fees?
It is important to be aware whether redecorating or some other major work is due shortly to be shared by the leaseholders and could well materially increase the the service charges or require a one off invoice.