Frequently asked questions relating to Chelmsley Wood leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Chelmsley Wood. Before I get started I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Chelmsley Wood - 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.
I own a leasehold flat in Chelmsley Wood. Conveyancing and TSB mortgage are in place. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Chelmsley Wood who previously acted has long since retired.Do I pay?
The first thing you should do is contact HMLR to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Chelmsley Wood conveyancing firm 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 legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Last month I purchased a leasehold property in Chelmsley Wood. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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).
I work for a long established estate agent office in Chelmsley Wood where we see a number of flat sales jeopardised as a result of short leases. I have received conflicting advice from local Chelmsley Wood conveyancing firms. Can you shed some light as to whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
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 buyer.
Do you have any top tips for leasehold conveyancing in Chelmsley Wood from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Chelmsley Wood can be avoided where you instruct lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers.
- Many freeholders or Management Companies in Chelmsley Wood charge for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Chelmsley Wood.
Leasehold Conveyancing in Chelmsley Wood - Examples of Queries Prior to buying
How many years remain on the lease?
Make sure you discover if there is anything that is prohibited in the lease. For example plenty of leases prohibit pets being allowed in in a block in Chelmsley Wood. If you love the propertyin Chelmsley Wood however your cat is not allowed to move with you then you will be faced difficult decision.
How much is the ground rent and service charge?