Top Five Questions relating to Gamlingay leasehold conveyancing
I am on look out for some leasehold conveyancing in Gamlingay. Before I get started I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Gamlingay - 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.
Back In 2009, I bought a leasehold house in Gamlingay. Conveyancing and The Royal Bank of Scotland mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Gamlingay who previously acted has now retired.Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Gamlingay conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Last month I purchased a leasehold flat in Gamlingay. Am I liable to pay service charges relating to a period prior to completion of my purchase?
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. 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 offer any advice when it comes to appointing a Gamlingay conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Gamlingay conveyancing practice) it is essential 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 Gamlingay conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- What volume of lease extensions has the firm carried out in Gamlingay in the last twenty four months?
When it comes to leasehold conveyancing in Gamlingay what are the most common lease defects?
Leasehold conveyancing in Gamlingay is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Barnsley Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.
Leasehold Conveyancing in Gamlingay - A selection of Questions you should ask Prior to Purchasing
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Plenty Gamlingay leasehold properties will incur a service charge for the upkeep of the block invoiced on behalf of the freeholder. Should you purchase the apartment you will have to pay this liability, usually in instalments accross the year. This may be anything from a few hundred pounds to thousands of pounds for blocks with lifts and large common areas. In all likelihood there will be a ground rent for you to pay yearly, normally this is not a significant amount, say about £25-£75 but you should to enquire as occasionally it could be many hundreds of pounds.
How many of the leaseholders are in arrears for their service charge payments?
The best form of lease structure is a share of the freehold. In this situation the tenants enjoy control and although a managing agent is frequently retained where the building is larger than a house conversion, the managing agent is directed by the tenants.
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