Recently asked questions relating to Duxford leasehold conveyancing
I am on look out for some leasehold conveyancing in Duxford. Before I get started I require certainty as to the number of years remaining on the lease.
If the lease is registered - and almost all are in Duxford - 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.
Back In 2009, I bought a leasehold house in Duxford. Conveyancing and Leeds Building Society mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Duxford who previously acted has long since retired.Do I pay?
First contact the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to instruct a Duxford 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 rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a two apartments in Duxford which have approximately fifty years remaining on the lease term. Will this present a problem?
A lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena
I've recently bought a leasehold property in Duxford. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
When it comes to leasehold conveyancing in Duxford what are the most common lease defects?
Leasehold conveyancing in Duxford is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements 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 encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, The Royal Bank of Scotland, 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 withdraw.
Duxford Leasehold Conveyancing - Examples of Queries before buying
The answer will be important as a) areas can cause problems in the block as the common areas may begin to deteriorate if maintenance remain unpaid b) if the leaseholders have a dispute with the running of the building you will need to know about it
For most Duxford leaseholds the outlay for major works are not built into the service charges, albeit that some managing agents in Duxford require leasehold owners to contribute towards a sinking fund and this is used to offset against major repairs or maintenance.
You should want to find out as much as possible regarding the company managing the block as they can either make your life much simpler or problematic. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to day to day issues like the cleanliness of the communal areas. Don't be afraid to ask other people if they are happy with them. In conclusion, investigate as to the dates that the service fees are due to the managing agents and precisely how they are spending that money.