Carbis Bay leasehold conveyancing Example Support Desk Enquiries
Planning to exchange soon on a studio apartment in Carbis Bay. Conveyancing lawyers have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Carbis Bay should include some of the following:
- Setting out your legal entitlements in relation to the communal areas in the block.For example, does the lease include a right of way over a path or hallways?
I own a leasehold house in Carbis Bay. Conveyancing and Birmingham Midshires mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Carbis Bay who previously acted has now retired.Any advice?
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 Carbis Bay conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of flats in Carbis Bay which have about 50 years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Carbis Bay is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of buyers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Carbis Bay conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I've recently bought a leasehold property in Carbis Bay. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Do you have any top tips for leasehold conveyancing in Carbis Bay from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Carbis Bay can be reduced if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ solicitors.
- If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Carbis Bay state that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord approving such works. Should you dont have the approvals to hand you should not contact the landlord without contacting your conveyancer first.
Leasehold Conveyancing in Carbis Bay - Examples of Queries Prior to buying
Please note that where the lease has no more than 80 years it will impact the value of the apartment. Check with your mortgage company that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will most likely need a lease extension sooner rather than later and you need to have some idea of how much this would cost. For most Carbis Baylease extensions you would need to own the premises for two years before you are legally able to extend the lease.
You will want to discover as much as possible concerning the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to day to day matters such as the upkeep of the common parts. You should not be afraid to ask other tenants whether they are happy with their service. In conclusion, be sure you understand the dates that you are obliged pay the service charge to the appropriate party and specifically how they are spending the funds.
Best to be warned if redecorating or some other major work is coming up that will be shared by the tenants and will dramatically impact the level of the maintenance fees or necessitate a one off payment.