Top Five Questions relating to Frenchay Common leasehold conveyancing
I am on look out for some leasehold conveyancing in Frenchay Common. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Frenchay Common - 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.
I am hoping to exchange soon on a basement flat in Frenchay Common. Conveyancing lawyers have said that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Frenchay Common should include some of the following:
- Will you be prohibited or prevented from having pets in the property?
Back In 2007, I bought a leasehold flat in Frenchay Common. Conveyancing and Bank of Scotland mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Frenchay Common who acted for me is not around.Any advice?
The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a Frenchay Common conveyancing lawyer to do this as it can be done on-line for £3. 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.
Last month I purchased a leasehold house in Frenchay Common. Do I have any liability for service charges for periods before my ownership?
In a situation 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. 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).
If all goes to plan we aim to complete the sale of our £275000 apartment in Frenchay Common on Thursday in a week. The management company has quoted £420 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Frenchay Common?
Frenchay Common conveyancing on leasehold maisonettes usually requires the buyer’s lawyer submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions the majority will be content to do so. They are at liberty levy a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, otherwise the charge is technically not due. Reality however dictates that one has no option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
Leasehold Conveyancing in Frenchay Common - A selection of Queries before buying
How many of the leaseholders are in arrears for their maintenance charge payments?
Is the freehold owned collectively by the tenants?
In the main the cost for major works are not built into the maintenance charges, although a few managing agents in Frenchay Common ask leaseholders to contribute towards a sinking fund and this is used to offset against larger works.