Recently asked questions relating to Borrowash leasehold conveyancing
I am hoping to exchange soon on a leasehold property in Borrowash. Conveyancing lawyers inform me that they report fully on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Borrowash should include some of the following:
- The physical extent of the demise. This will be the flat itself but may incorporate a roof space or cellar if applicable.
My wife and I purchased a leasehold house in Borrowash. Conveyancing and Barnsley Building Society mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Borrowash who previously acted has long since retired.What should I do?
First make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Borrowash conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a couple of flats in Borrowash both have about 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Borrowash. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena
I've recently bought a leasehold flat in Borrowash. 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 owner 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 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).
Completion in due on our sale of a £275000 flat in Borrowash in just under a week. The freeholder has quoted £360 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Borrowash?
For the majority of leasehold sales in Borrowash conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-exchange questions
- Where consent is required before sale in Borrowash
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the registered owner of a split level flat in Borrowash, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Borrowash with an extended lease are worth £200,000. The ground rent is £65 charged once a year. The lease comes to an end on 21st October 2102
With only 79 years remaining on your lease we estimate the premium for your lease extension to span between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.