Top Five Questions relating to Bournemouth leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Bournemouth. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Bournemouth - then the leasehold title will always include the short particulars 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 started marketing my 2 bed apartment in Bournemouth.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you discharge 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 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.
My wife and I purchased a leasehold house in Bournemouth. Conveyancing and Alliance & Leicester 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 Bournemouth who acted for me is not around.Do I pay?
First contact 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 Bournemouth conveyancing solicitor to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Can you provide any top tips for leasehold conveyancing in Bournemouth with the purpose of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Bournemouth can be bypassed if you instruct lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the buyers lawyers.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Bournemouth leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord approving such works. Should you dont have the consents in place do not communicate with the landlord without contacting your conveyancer before hand.
In relation to leasehold conveyancing in Bournemouth what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Bournemouth. All leases are unique and drafting errors can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- 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 primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Mortgage Works, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.
I invested in buying a split level flat in Bournemouth, conveyancing was carried out 4 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Bournemouth with an extended lease are worth £195,000. The ground rent is £60 invoiced every year. The lease finishes on 21st October 2093
With only 72 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.