Top Five Questions relating to Fleet leasehold conveyancing
I am on look out for some leasehold conveyancing in Fleet. Before I get started I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Fleet - 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.
Expecting to complete next month on a garden flat in Fleet. Conveyancing lawyers assured me that they are sending me a report tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Fleet should include some of the following:
- You should receive a copy of the lease
I've recently bought a leasehold flat in Fleet. Am I liable to pay service charges relating to a period prior to completion of my purchase?
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 be sure 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).
What advice can you give us when it comes to appointing a Fleet conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Fleet conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Fleet conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- How experienced is the firm with lease extension legislation?
What are the common problems that you encounter in leases for Fleet properties?
There is nothing unique about leasehold conveyancing in Fleet. All leases are individual 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 elements of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
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. Birmingham Midshires, The Royal Bank of Scotland, and Britannia 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 provide security, obliging the purchaser to withdraw.
Leasehold Conveyancing in Fleet - Examples of Queries before buying
What is the service charge and ground rent on the property?
Most Fleet leasehold flats will be liable to pay a service bill for the upkeep of the building set by the freeholder. Should you buy the property you will have to pay this amount, normally quarterly during the year. This can differ from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. In all probability there will be a ground rent for you to pay yearly, this is usually not a significant amount, say approximately £50-£100 but you should to enquire it because occasionally it can be many hundreds of pounds.
What is the name of the managing agents?