Common questions relating to Burnham On Crouch leasehold conveyancing
Due to complete next month on a garden flat in Burnham On Crouch. Conveyancing lawyers have said that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Burnham On Crouch should include some of the following:
- You should be sent a copy of the lease
Back In 2009, I bought a leasehold house in Burnham On Crouch. Conveyancing and TSB mortgage organised. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Burnham On Crouch who acted for me is not around.What should I do?
First make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Burnham On Crouch 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 rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a two maisonettes in Burnham On Crouch which have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Burnham On Crouch. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease reduces and results in it becoming more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field
All being well we will complete the sale of our £450000 flat in Burnham On Crouch next week. The management company has quoted £396 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Burnham On Crouch?
Burnham On Crouch conveyancing on leasehold maisonettes often necessitates the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be willing to assist. They are at liberty invoice a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some transactions it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, otherwise the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is demanded should you wish to sell the property.
Are there common defects that you witness in leases for Burnham On Crouch properties?
There is nothing unique about leasehold conveyancing in Burnham On Crouch. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections 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
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, The Mortgage Works, and Platform Home Loans Ltd 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 is problematic they may refuse to provide security, forcing the purchaser to withdraw.
Leasehold Conveyancing in Burnham On Crouch - Sample of Queries before buying
How much is the yearly maintenance fee and ground rent?
Are any of leasehold owners in dispute over their service charge payments?
The answer will be helpful as a) areas could result in problems in the building as the communal areas may begin to deteriorate where services are not paid for b) if the leasehold owners have a dispute with the running of the building you will want to know about it