Frequently asked questions relating to Blandfordum leasehold conveyancing
I am on look out for some leasehold conveyancing in Blandfordum. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Blandfordum - 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.
I own a leasehold flat in Blandfordum. Conveyancing and Chelsea Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Blandfordum who acted for me is not around.What should I do?
First make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to instruct a Blandfordum conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am a negotiator for a reputable estate agent office in Blandfordum where we have witnessed a few flat sales put at risk as a result of short leases. I have received conflicting advice from local Blandfordum conveyancing firms. Please can you confirm whether the owner of a flat can commence the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
We expect to complete the sale of our £450000 apartment in Blandfordum in just under a week. The landlords agents has quoted £336 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Blandfordum?
Blandfordum conveyancing on leasehold apartments typically involves administration charges levied by management companies :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Blandfordum
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Are there common defects that you witness in leases for Blandfordum properties?
Leasehold conveyancing in Blandfordum is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts 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
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Skipton Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.
Leasehold Conveyancing in Blandfordum - A selection of Questions you should consider before buying
Please note if it is no more than 80 years it will have adverse implications on the salability of the flat. It is worth checking with your mortgage company that they are content with remaining years on the lease. Leases with fewer than 80 years remaining means that you will almost definitely require a lease extension at some point and you need to have some idea of how much this would cost. Remember, in most cases you would be be obliged to have owned the residence for a couple of years in order to be eligible to exercise a lease extension.
Is anyone aware of any major works anticipated that will increase the maintenance costs?
What restrictions exist in the Blandfordum Lease?