Recently asked questions relating to Denbigh leasehold conveyancing
I am on look out for some leasehold conveyancing in Denbigh. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Denbigh - 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 Denbigh. Conveyancing and Barnsley Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Denbigh who previously acted has long since retired.What should I do?
First contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Denbigh conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured 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.
I work for a long established estate agent office in Denbigh where we see a few flat sales derailed due to short leases. I have been given contradictory information from local Denbigh conveyancing firms. Please can you clarify whether the vendor of a flat can start the lease extension formalities for the buyer?
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 buyer 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 prior to, or simultaneously with completion of the sale.
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 purchaser.
We expect to complete the sale of our £325000 maisonette in Denbigh in seven days. The managing agents has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Denbigh?
Denbigh conveyancing on leasehold maisonettes often involves the buyer’s solicitor sending questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions the majority will be willing to assist. They may charge a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, without which the charge is not strictly payable. In reality one has little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
In relation to leasehold conveyancing in Denbigh what are the most frequent lease problems?
Leasehold conveyancing in Denbigh is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- Insurance obligations
- 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 could 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. HSBC Bank, Barnsley Building Society, 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 does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.
Denbigh Leasehold Conveyancing - Sample of Questions you should ask Prior to buying
Best to be warned whether redecorating or some other significant cost is coming up that will be shared between the leasehold owners and may well dramatically increase the the maintenance charges or require a one time payment.
You will want to discover as much as possible concerning the managing agents as they can either make living at the property much simpler or problematic. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to every day matters such as the cleanliness of the common parts. Don't be afraid to ask other tenants whether they are happy with their management. In conclusion, find out the dates that you are obliged pay the maintenance charge to the managing agents and precisely how they are spending the funds.
Is the freehold reversion owned collectively by the tenants?