Buckley leasehold conveyancing Example Support Desk Enquiries
My wife and I purchased a leasehold flat in Buckley. Conveyancing and Virgin Money mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Buckley who acted for me is not around.What should I do?
The first thing you should do is contact HMLR to be sure that this person is in fact the new freeholder. You do not need to instruct a Buckley conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two maisonettes in Buckley which have in the region of 50 years unexpired on the leases. should I be concerned?
There are plenty of short leases in Buckley. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area
What advice can you give us when it comes to finding a Buckley conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Buckley conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Buckley 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 they are not ALEP accredited then what is the reason?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £500000 maisonette in Buckley next Friday . The freeholder has quoted £396 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Buckley?
For most leasehold sales in Buckley conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Buckley
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Are there common deficiencies that you encounter in leases for Buckley properties?
Leasehold conveyancing in Buckley is not unique. Most leases are individual and drafting errors can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- 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
You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Barnsley Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.
Buckley Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing
Best to be warned if fixing the lift or some other major work is anticipated to be shared by the tenants and may well dramatically impact the level of the service costs or result in a specific invoice.
For many Buckley leaseholds the cost for major works tend not to be built into the maintenance charges, albeit that some managing agents in Buckley obliged tenants to contribute towards a sinking fund and this is used to offset against larger repairs or maintenance.
It would be prudent to investigate if the the lease contains any unreasonable restrictions in the lease. For example it is fairly common in Buckley leases that pets are not allowed in certain buildings in Buckley. If you like the flatin Buckley however your dog can’t make the move with you then you will be faced difficult choice.