Frequently asked questions relating to Dunmow leasehold conveyancing
Estate agents have just been given the go-ahead to market my basement apartment in Dunmow.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge invoice – Do I pay up?
It best that you discharge the service charge 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.
Back In 2008, I bought a leasehold house in Dunmow. Conveyancing and Norwich and Peterborough Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Dunmow who acted for me is not around.What should I do?
First contact HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Dunmow conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
What advice can you give us when it comes to choosing a Dunmow conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Dunmow conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Dunmow conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- What volume of lease extensions have they conducted in Dunmow in the last year?
Can you provide any top tips for leasehold conveyancing in Dunmow with the purpose of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Dunmow can be bypassed where you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- The majority landlords or managing agents in Dunmow charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Dunmow.
In relation to leasehold conveyancing in Dunmow what are the most common lease problems?
Leasehold conveyancing in Dunmow is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- 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 may have difficulties 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, Chelsea Building Society, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
Leasehold Conveyancing in Dunmow - Sample of Questions you should ask before buying
Are any of leasehold owners in dispute over their service charge payments?
It is important to be aware if window replacement or some other major work is anticipated to be shared amongst the leasehold owners and could well materially impact the level of the service costs or result in a one off payment.
Its a good idea to discover as much as possible about the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to daily matters like the upkeep of the common parts. Enquire of other people whether they are happy with them. In conclusion, be sure you discover the dates that the service fees are due to the managing agents and specifically how they are spending the funds.