I am in need of some leasehold conveyancing in Godshill. Before I set the wheels in motion I require certainty as to the remaining lease term.

If the lease is registered - and 99.9% are in Godshill - then the leasehold title will always include the short particulars 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’m about to sell my basement apartment in Godshill.Conveyancing is yet to be initiated but I have just received a half-yearly service charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

Back In 2000, I bought a leasehold house in Godshill. Conveyancing and Halifax mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Godshill who acted for me is not around.What should I do?

First make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Godshill conveyancing firm 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 landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of maisonettes in Godshill which have approximately 50 years left on the leases. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorate and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena

When it comes to leasehold conveyancing in Godshill what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Godshill. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the premises
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Bank of Scotland, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.

Godshill Leasehold Conveyancing - Examples of Queries Prior to Purchasing

You should want to find out as much as you can concerning the company managing the building as they will either make your living at the property much simpler or a lot more difficult. As the owner of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to daily matters like the tidiness of the common parts. Enquire of prospective neighbours whether they are happy with them. In conclusion, investigate as to the dates that you are obliged pay the maintenance charge to the appropriate party and precisely what you get for your money. Make sure you investigate if there are any onerous prohibitions in the lease. For example it is very common in Godshill leases that pets are not allowed in in a block in Godshill. If you love the propertyin Godshill yet your dog can’t live with you then you will be presented with a hard decision. Please note if it is no more than eighty years it will have adverse implications on the salability of the property. Check with your bank that they are willing to lend given the lease term. A short lease means that you will probably have to extend the lease sooner rather than later and it is worth finding out how much this would cost. Remember, in most cases you would need to own the residence for 24 months before you are entitled to exercise a lease extension.

Other Topics

Lease Extensions in Godshill