Sample questions relating to Didsbury leasehold conveyancing
Planning to sign contracts shortly on a ground floor flat in Didsbury. Conveyancing solicitors assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Didsbury should include some of the following:
- You should be sent a copy of the lease
I have just appointed agents to market my basement apartment in Didsbury.Conveyancing has not commenced but I have just received a half-yearly maintenance charge invoice – what should I do?
The sensible thing to do is 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 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. This will smooth the conveyancing process.
My wife and I purchased a leasehold house in Didsbury. Conveyancing and Barclays mortgage organised. 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 1996. The conveyancing practitioner in Didsbury who previously acted has long since retired.Any advice?
First make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Didsbury conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of apartments in Didsbury which have in the region of forty five years unexpired on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena
Can you provide any advice for leasehold conveyancing in Didsbury from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Didsbury can be reduced where you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information needed by the buyers representatives.
- The majority landlords or managing agents in Didsbury charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Didsbury.
Leasehold Conveyancing in Didsbury - A selection of Questions you should consider Prior to buying
Is anyone aware of any major works in the near future that will likely increase the maintenance costs?
Most Didsbury leasehold apartments will incur a service bill for the upkeep of the block invoiced on behalf of the management company. Should you acquire the property you will have to pay this liability, normally quarterly accross the year. This can vary from a few hundred pounds to thousands of pounds for blocks with lifts and large common areas. There will also be a rentcharge to be met annual, this is usually not a exorbitant sum, say about £50-£100 but you need to check it because on occasion it can be many hundreds of pounds.
How many of the leaseholders are in arrears for their maintenance charge payments?