Top Five Questions relating to Bourton on the Water leasehold conveyancing
I am on look out for some leasehold conveyancing in Bourton on the Water. Before I get started I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Bourton on the Water - 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.
Planning to complete next month on a garden flat in Bourton on the Water. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Bourton on the Water should include some of the following:
- Does the lease require carpeting throughout thus preventing wood flooring?
My wife and I purchased a leasehold flat in Bourton on the Water. Conveyancing and Bank of Ireland mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Bourton on the Water who acted for me is not around.Do I pay?
The first thing you should do is make enquiries of HMLR to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. There is no need to instruct a Bourton on the Water conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. 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 work for a long established estate agency in Bourton on the Water where we see a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Bourton on the Water conveyancing firms. Can you confirm whether the owner of a flat can commence the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
What advice can you give us when it comes to appointing a Bourton on the Water conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Bourton on the Water conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Bourton on the Water conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- If the firm is not ALEP accredited then what is the reason?
Bourton on the Water Leasehold Conveyancing - Sample of Queries Prior to buying
Generally speaking the outlay for major works are not wrapped into the service charges, albeit that there some managing agents in Bourton on the Water obliged tenants to pay into a sinking fund created for the specific purpose of establishing a fund for major repairs or maintenance.
Are there any major works in the planning that will add a premium to the maintenance fees?
Many Bourton on the Water leasehold flats will have a service bill for maintenance of the building levied on behalf of the management company. Should you acquire the property you will have to meet this charge, normally quarterly throughout the year. This can vary from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent to be met yearly, this is usually not a exorbitant sum, say about £50-£100 but you need to enquire it because occasionally it could be prohibitively expensive.