Top Five Questions relating to Great Baddow leasehold conveyancing
I am on look out for some leasehold conveyancing in Great Baddow. Before diving in I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Great Baddow - 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.
Looking forward to complete next month on a studio apartment in Great Baddow. Conveyancing lawyers inform me that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Great Baddow should include some of the following:
- The total extent of the premises. This will be the flat itself but might incorporate a loft or basement if appropriate.
I have just started marketing my 2 bed apartment in Great Baddow.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge invoice – Do I pay up?
The sensible thing to do is clear the invoice 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 managing agents 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.
I own a leasehold house in Great Baddow. Conveyancing and HSBC Bank mortgage went though with no issue. A letter has just been received 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 practitioner in Great Baddow who previously acted has long since retired.Any advice?
First contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Great Baddow conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
What advice can you give us when it comes to finding a Great Baddow conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Great Baddow conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Great Baddow conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How experienced is the firm with lease extension legislation?
Great Baddow Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
Where a Great Baddow lease has fewer than eighty years it will affect the value of the flat. Check with your bank that they are content with remaining years on the lease. Leases with fewer than 80 years remaining means that you will probably require a lease extension sooner rather than later and you need to have some idea of how much this will be. For most Great Baddowlease extensions you would need to own the property for 24 months in order to be eligible to extend the lease.
Generally speaking the cost for major works are not included within service charges, although a few managing agents in Great Baddow require leaseholders to pay into a reserve fund and this is used to offset against major works.
Can you inform me if there are any major works anticipated that will add a premium to the maintenance costs?