Common questions relating to Finchampstead leasehold conveyancing
I am on look out for some leasehold conveyancing in Finchampstead. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Finchampstead - 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.
My wife and I purchased a leasehold house in Finchampstead. Conveyancing and Leeds Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Finchampstead who previously acted has now retired.What should I do?
The first thing you should do is contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Finchampstead 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 freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I work for a reputable estate agent office in Finchampstead where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Finchampstead conveyancing solicitors. Could you shed some light as to whether the seller of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
What are your top tips when it comes to appointing a Finchampstead conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Finchampstead conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Finchampstead 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:
- If they are not ALEP accredited then what is the reason?
What makes a Finchampstead lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Finchampstead. Most leases is drafted differently and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Leeds Building Society, and Aldermore all have very detailed conveyancing instructions 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 buyer to pull out.
Finchampstead Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
The prefered form of lease structure is if the freehold reversion is owned by the leaseholders. In this scenario the leaseholders have being in charge if their destiny and even though a managing agent is frequently retained where it is bigger than a house conversion, the managing agent employed by the leaseholders.
How much is the ground rent and service charge?
Can you tell me if there are any major works on the horizon that will likely increase the service costs?