Bovey Tracey leasehold conveyancing: Q and A’s
Looking forward to exchange soon on a ground floor flat in Bovey Tracey. Conveyancing lawyers inform me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Bovey Tracey should include some of the following:
- You should be sent a copy of the lease
I’m about to sell my basement apartment in Bovey Tracey.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance charge invoice – Do I pay up?
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 managing agents will not acknowledge the buyer unless 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.
I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Bovey Tracey. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Bovey Tracey ?
Most houses in Bovey Tracey are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Bovey Tracey so you should seriously consider looking for a Bovey Tracey conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will appraise you on the various issues.
Back In 2007, I bought a leasehold house in Bovey Tracey. Conveyancing and Lloyds TSB Bank mortgage are in place. 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 1996. The conveyancing solicitor in Bovey Tracey who previously acted has now retired.What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to instruct a Bovey Tracey conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I work for a reputable estate agency in Bovey Tracey where we see a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Bovey Tracey conveyancing solicitors. Please can you confirm whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. 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.
An alternative approach is to agree the lease extension with the freeholder 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.
Leasehold Conveyancing in Bovey Tracey - Sample of Questions you should consider before Purchasing
Make sure you investigate if the the lease contains any unreasonable restrictions in the lease. For instance plenty of leases prohibit pets being permitted in certain buildings in Bovey Tracey. If you love the apartmentin Bovey Tracey yet your dog is not allowed to move with you then you will be presented with a hard determination.
What is the yearly maintenance fee and ground rent?
Its a good idea to discover as much as you can regarding the company managing the building as they can either make your life much simpler or problematic. Being a leasehold owner you will be in the clutches of the managing agents from a financial perspective and when it comes to day to day matters like the tidiness of the common parts. Ask prospective neighbours if they are happy with their service. In conclusion, investigate as to the dates that you are obliged pay the maintenance charge to the relevant party and precisely how they are spending the funds.