Top Five Questions relating to Chelmsley Wood leasehold conveyancing
Estate agents have just been given the go-ahead to market my 2 bed apartment in Chelmsley Wood.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear the invoice 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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Chelmsley Wood. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
The majority of houses in Chelmsley Wood are freehold and not 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. We note that you are purchasing in Chelmsley Wood so you should seriously consider shopping around for a Chelmsley Wood conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should report to you on the legal implications.
I own a leasehold flat in Chelmsley Wood. Conveyancing and Clydesdale mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Chelmsley Wood who acted for me is not around.What should I do?
First contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Chelmsley Wood conveyancing solicitor to do this as it can be done on-line for less than a fiver. 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.
Can you offer any advice when it comes to choosing a Chelmsley Wood conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Chelmsley Wood conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Chelmsley Wood conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
What makes a Chelmsley Wood lease unmortgageable?
There is nothing unique about leasehold conveyancing in Chelmsley Wood. Most leases are unique and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- 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
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Leeds Building Society, and Britannia all have express conveyancing instructions 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 Chelmsley Wood - A selection of Questions you should consider before Purchasing
Where a Chelmsley Wood lease has less than 80 years it will have adverse implications on the value of the apartment. Check with your bank that they are content with residual term of the lease. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. For most Chelmsley Woodlease extensions you will be be obliged to have been the owner of the premises for a couple of years before you are entitled to extend the lease.
Plenty Chelmsley Wood leasehold flats will incur a service charge for the upkeep of the block set on behalf of the freeholder. Where you buy the apartment you will have to pay this amount, normally quarterly during the year. This can be anything from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a ground rent to be met annual, this is usually not a significant figure, say around £50-£100 but you need to enquire as sometimes it can be many hundreds of pounds.
Does the lease have onerous restrictions?