Top Five Questions relating to Fenny Stratford leasehold conveyancing
Expecting to complete next month on a basement flat in Fenny Stratford. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Fenny Stratford should include some of the following:
- The physical extent of the premises. This will be the apartment itself but could also include a loft or cellar if applicable.
I have just started marketing my garden apartment in Fenny Stratford.Conveyancing has not commenced but I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is pay 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. Having a clear account will assist your cause and will leave you no worse off financially.
I own a leasehold house in Fenny Stratford. Conveyancing and TSB mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Fenny Stratford who acted for me is not around.Any advice?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Fenny Stratford conveyancing lawyer 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 no more than 6 years of rent can be collected.
Can you provide any top tips for leasehold conveyancing in Fenny Stratford from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Fenny Stratford can be reduced if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ solicitors.
- Some Fenny Stratford leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
Are there common problems that you witness in leases for Fenny Stratford properties?
There is nothing unique about leasehold conveyancing in Fenny Stratford. All leases is drafted differently and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You will 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. Birmingham Midshires, Virgin Money, and Bank of Ireland all have express 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 grant the mortgage, obliging the purchaser to withdraw.
Fenny Stratford Leasehold Conveyancing - A selection of Questions you should ask Prior to buying
Who manages the building?
What is the length of the lease?
Is there a share of the freehold?