Experts for Leasehold Conveyancing in Boroughbridge

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Recently asked questions relating to Boroughbridge leasehold conveyancing

I am on look out for some leasehold conveyancing in Boroughbridge. Before diving in I require certainty as to the unexpired term of the lease.

If the lease is registered - and most are in Boroughbridge - 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 house in Boroughbridge. Conveyancing and Halifax mortgage organised. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Boroughbridge who previously acted has long since retired.Any advice?

First make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. You do not need to incur the fees of a Boroughbridge conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

Last month I purchased a leasehold house in Boroughbridge. Do I have any liability for service charges relating to a period prior to my ownership?

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. Strange as it may seem, 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 top tips for leasehold conveyancing in Boroughbridge from the perspective of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Boroughbridge can be reduced where you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold information which will be required by the buyers conveyancers.
  • Many freeholders or managing agents in Boroughbridge levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. 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 Boroughbridge.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be nervous about purchasing a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unsettled.
  • If you hold a share in a the Management Company, you should make sure that you are holding the original share certificate. Obtaining a new share certificate is often a lengthy formality and delays many a Boroughbridge home move. If a new share certificate is needed, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.
  • You believe that you know the number of years left on your lease but it would be advisable double-check by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to where the lease term is below 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • Are there common defects that you come across in leases for Boroughbridge properties?

    Leasehold conveyancing in Boroughbridge is not unique. Most leases are unique and drafting errors 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 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

    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. Birmingham Midshires, Chelsea Building Society, and Platform Home Loans Ltd 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 grant the mortgage, obliging the buyer to withdraw.

    Boroughbridge Conveyancing for Leasehold Flats - A selection of Queries Prior to buying

      The prefered form of lease arrangement is a share of the freehold. In this situation the tenants enjoy being in charge if their destiny and even though a managing agent is frequently retained where it is larger than a house conversion, the managing agent is directed by the tenants. It would be wise to find out if there are any onerous restrictions in the lease. For example it is reasonably common in Boroughbridge leases that pets are not allowed in certain buildings in Boroughbridge. If you like the flatin Boroughbridge but your cat can’t make the move with you then you will be presented with a difficult choice. You will want to discover as much as possible concerning the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to day to day issues like the tidiness of the communal areas. Ask other people what they think of their service. On a final note, find out the dates that you are obliged pay the service charge to the managing agents and specifically what it includes.

    Other Topics

    Lease Extensions in Boroughbridge