Sample questions relating to Flamborough leasehold conveyancing
Planning to sign contracts shortly on a basement flat in Flamborough. Conveyancing lawyers have said that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Flamborough should include some of the following:
- You should be sent a copy of the lease
Estate agents have just been given the go-ahead to market my basement flat in Flamborough.Conveyancing is yet to be initiated but I have just received a half-yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should 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 unless 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 2006, I bought a leasehold flat in Flamborough. Conveyancing and Halifax mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Flamborough who previously acted has long since retired.What should I do?
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. There is no need to incur the fees of a Flamborough conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of flats in Flamborough both have about 50 years unexpired on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Flamborough is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. 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 property 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 Flamborough conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 appointing a Flamborough conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Flamborough conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Flamborough conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- What volume of lease extensions have they carried out in Flamborough in the last year?
Leasehold Conveyancing in Flamborough - Sample of Questions you should ask Prior to Purchasing
How much is the ground rent and service charge?
In the main the cost for major works are not included within service charges, albeit that some managing agents in Flamborough ask leaseholders to contribute towards a reserve fund and this is used to offset against major works.
This question is important as a) areas may cause problems in the block as the common areas may start to deteriorate where services remain unpaid b) if the leaseholders have a dispute with the managing agents you will wish to know about it