Hampden Pk leasehold conveyancing Example Support Desk Enquiries
I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Hampden Pk. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Hampden Pk ?
The majority of houses in Hampden Pk are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Hampden Pk so you should seriously consider shopping around for a Hampden Pk conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your solicitor should advise you fully on all the issues.
I own a leasehold house in Hampden Pk. Conveyancing and Barclays Direct mortgage organised. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Hampden Pk who acted for me is not around.Do I pay?
The first thing you should do is contact the Land Registry to make sure that this person is in fact the new freeholder. There is no need to instruct a Hampden Pk conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two maisonettes in Hampden Pk which have about fifty years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Hampden Pk is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Hampden Pk conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Last month I purchased a leasehold flat in Hampden Pk. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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).
Completion in due on the sale of our £375000 maisonette in Hampden Pk next Monday . The managing agents has quoted £312 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Hampden Pk?
Hampden Pk conveyancing on leasehold flats typically results in administration charges invoiced by freeholders :
- Answering pre-contract questions
- Where consent is required before sale in Hampden Pk
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Hampden Pk Leasehold Conveyancing - Examples of Queries Prior to Purchasing
Its a good idea to discover as much as possible concerning the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to practical matters like the upkeep of the common parts. Enquire of other people if they are happy with them. In conclusion, find out the dates that you are obliged pay the service charge to the managing agents and precisely what you get for your money.
The prefered form of lease structure is if the freehold interest is owned by the leaseholders. In this scenario the lessees have control and although a managing agent is often employed where it is larger than a house conversion, the managing agent is directed by the tenants.
How many years remain on the lease?