Frequently asked questions relating to Fratton and Portsea leasehold conveyancing
I am hoping to exchange soon on a studio apartment in Fratton and Portsea. Conveyancing lawyers assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Fratton and Portsea should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
I've found a house that appears to meet my requirements, at a great figure which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Fratton and Portsea. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
Most houses in Fratton and Portsea are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Fratton and Portsea so you should seriously consider shopping around for a Fratton and Portsea conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should advise you fully on all the issues.
Back In 2005, I bought a leasehold house in Fratton and Portsea. Conveyancing and Lloyds TSB Bank mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Fratton and Portsea who previously acted has now retired.Do I pay?
First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Fratton and Portsea conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. Rest assured 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.
Last month I purchased a leasehold flat in Fratton and Portsea. Am I liable to pay service charges for periods before 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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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 are your top tips when it comes to choosing a Fratton and Portsea conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Fratton and Portsea conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Fratton and Portsea conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- How experienced is the practice with lease extension legislation?
I acquired a studio flat in Fratton and Portsea, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Fratton and Portsea with over 90 years remaining are worth £250,000. The ground rent is £55 invoiced every year. The lease terminates on 21st October 2088
You have 62 years remaining on your lease we estimate the price of your lease extension to span between £23,800 and £27,400 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
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