Top Five Questions relating to Great Baddow leasehold conveyancing
I am hoping to sign contracts shortly on a leasehold property in Great Baddow. Conveyancing solicitors assured me that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Great Baddow should include some of the following:
- You should be sent a copy of the lease
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Great Baddow. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Great Baddow ?
Most houses in Great Baddow are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Great Baddow so you should seriously consider shopping around for a Great Baddow conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should appraise you on the various issues.
I own a leasehold house in Great Baddow. Conveyancing and Virgin Money mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Great Baddow who acted for me is not around.What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Great Baddow conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Can you offer any advice when it comes to choosing a Great Baddow conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Great Baddow conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Great Baddow conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
When it comes to leasehold conveyancing in Great Baddow what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Great Baddow. All leases are unique and legal mistakes in the legal wording can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Bank of Scotland, and Barclays Direct all have express conveyancing instructions 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.
Great Baddow Conveyancing for Leasehold Flats - Sample of Queries before buying
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The answer will be useful as a) areas could result in problems for the block as the communal areas may begin to deteriorate where services remain unpaid b) if the leasehold owners have an issue with the running of the building you will need to have complete disclosure
Does the lease include onerous restrictions?
It would be wise to investigate if the the lease includes any onerous restrictions in the lease. For example it is reasonably common in Great Baddow leases that pets are not allowed in certain buildings in Great Baddow. If you like the propertyin Great Baddow however your cat is not allowed to move with you then you will be faced hard compromise.
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