Questions and Answers: Chipping Campden leasehold conveyancing
I have just appointed agents to market my garden apartment in Chipping Campden.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge demand – what should I do?
The sensible thing to do is discharge 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 managing agents will not acknowledge the buyer until 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 meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Chipping Campden. Conveyancing advisers have not yet been appointed. Will they explain the issues?
Most houses in Chipping Campden are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Chipping Campden so you should seriously consider looking for a Chipping Campden conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should advise you fully on all the issues.
My wife and I purchased a leasehold house in Chipping Campden. Conveyancing and The Royal Bank of Scotland mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Chipping Campden who previously acted has long since retired.Do I pay?
First make enquiries of HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to instruct a Chipping Campden conveyancing solicitor 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 landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two flats in Chipping Campden both have approximately fifty years remaining on the leases. should I be concerned?
There are plenty of short leases in Chipping Campden. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this field
Are there frequently found problems that you witness in leases for Chipping Campden properties?
There is nothing unique about leasehold conveyancing in Chipping Campden. Most leases are unique and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Virgin Money, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.
Leasehold Conveyancing in Chipping Campden - Examples of Queries before buying
Can you tell me if there are any major works in the near future that could increase the service costs?
It would be prudent to discover as much as you can about the company managing the block as they will affect your use and enjoyment of the property. As the owner of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day issues like the cleanliness of the common parts. Don't be afraid to ask other people whether they are happy with their management. In conclusion, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and precisely what you get for your money.
Be sure to find out if there is anything that is prohibited in the lease. For instance it is fairly common in Chipping Campden leases that pets are not permitted in in a block in Chipping Campden. If you love the apartmentin Chipping Campden however your dog is not allowed to make the move with you then you will be faced hard choice.