Sample questions relating to Bodmin leasehold conveyancing
I am in need of some leasehold conveyancing in Bodmin. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Bodmin - 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 have just appointed agents to market my 2 bed apartment in Bodmin.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – what should I do?
It best that you pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I work for a busy estate agency in Bodmin where we have experienced a number of flat sales put at risk as a result of short leases. I have been given contradictory information from local Bodmin conveyancing firms. Can you confirm whether the owner of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start 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 wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
Completion in due on the disposal of our £375000 maisonette in Bodmin in just under a week. The management company has quoted £348 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Bodmin?
For most leasehold sales in Bodmin conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence enquiries
- Where consent is required before sale in Bodmin
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What are the frequently found defects that you witness in leases for Bodmin properties?
There is nothing unique about leasehold conveyancing in Bodmin. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- 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 can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Coventry Building Society, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.
Leasehold Conveyancing in Bodmin - Sample of Questions you should ask Prior to buying
It is important to be aware whether window replacement or some other major work is coming up to be shared by the tenants and may well dramatically impact the level of the maintenance fees or require a one time invoice.
How many of the leaseholders are in arrears for their service charge payments?
Is anyone aware of any major works in the planning that will likely increase the service charges?