Recently asked questions relating to Fowey leasehold conveyancing
Expecting to exchange soon on a leasehold property in Fowey. Conveyancing lawyers assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Fowey should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Fowey. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in Fowey are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Fowey so you should seriously consider looking for a Fowey conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your solicitor should report to you on the legal implications.
I own a leasehold house in Fowey. Conveyancing and The Royal Bank of Scotland mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Fowey who previously acted has long since retired.Do I pay?
First make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Fowey conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I've recently bought a leasehold house in Fowey. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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).
Can you provide any advice for leasehold conveyancing in Fowey with the intention of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Fowey can be reduced if you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ lawyers.
- The majority landlords or managing agents in Fowey charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Fowey.
Fowey Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
In the main the outlay for major works are not included within service charges, albeit that there some managing agents in Fowey require leaseholders to pay into a sinking fund created for the specific purpose of building a fund for major works.
Best to be warned whether fixing the lift or some other major work is due in the foreseeable future that will be shared between the leasehold owners and may well materially impact the level of the service costs or require a one off invoice.
What is the maintenance charge and ground rent on the flat?