Recently asked questions relating to Bolsover leasehold conveyancing
I have just appointed agents to market my garden flat in Bolsover.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge demand – Do I pay up?
The sensible thing to do is clear the service charge 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
My wife and I purchased a leasehold house in Bolsover. Conveyancing and Chelsea Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Bolsover who acted for me is not around.Any advice?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Bolsover conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, 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 attracted to a two apartments in Bolsover both have in the region of 50 years unexpired on the leases. Will this present a problem?
A lease is a right to use the property for a period of time. As the lease shortens the saleability of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena
Last month I purchased a leasehold property in Bolsover. Am I liable to pay 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 lessee 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. A critical element of leasehold conveyancing for your conveyancer to ensure 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 Bolsover from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Bolsover can be reduced where you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the buyers representatives.
- Many freeholders or managing agents in Bolsover charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Bolsover.
Bolsover Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying
The prefered form of lease arrangement is where the freehold reversion is owned by the leaseholders. In this arrangement the lessees enjoy control and although a managing agent is often retained where it is bigger than a house conversion, the managing agent retained by the leaseholders.
Are any of leasehold owners in dispute over their service charge liability?
How much is the ground rent and service charge?