Examples of recent questions relating to leasehold conveyancing in Droylsden
I today plan to offer on a house that appears to be perfect, at a great price which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Droylsden. Conveyancing advisers have are about to be instructed. Will they explain the issues?
Most houses in Droylsden are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Droylsden so you should seriously consider shopping around for a Droylsden conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your lawyer will advise you fully on all the issues.
Back In 2002, I bought a leasehold house in Droylsden. Conveyancing and The Royal Bank of Scotland mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Droylsden who acted for me is not around.Any advice?
The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Droylsden conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured 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 couple of flats in Droylsden which have approximately fifty years left on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in Droylsden is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the premises. For most buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Droylsden conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What advice can you give us when it comes to choosing a Droylsden conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Droylsden conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Droylsden conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How many lease extensions has the firm carried out in Droylsden in the last 12 months?
If all goes to plan we aim to complete the sale of our £150000 apartment in Droylsden in six days. The landlords agents has quoted £300 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Droylsden?
Droylsden conveyancing on leasehold maisonettes usually necessitates fees being raised by landlords agents :
- Addressing pre-contract enquiries
- Where consent is required before sale in Droylsden
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Droylsden Leasehold Conveyancing - Sample of Questions you should consider before Purchasing
What restrictions are there in the Droylsden Lease?
Most Droylsden leasehold flats will be liable to pay a service bill for maintenance of the building set by the freeholder. If you purchase the flat you will have to meet this amount, usually periodically throughout the year. This can vary from a couple of hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all likelihood there will be a ground rent to be met annual, normally this is not a large sum, say about £25-£75 but you need to check as sometimes it could be many hundreds of pounds.
What is the length of the lease?