Handforth leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Handforth. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Handforth - 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.
Estate agents have just been given the go-ahead to market my ground floor apartment in Handforth.Conveyancing is yet to be initiated but I have just received a half-yearly service charge demand – what should I do?
It best that you pay 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 management companies will not acknowledge the buyer until 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. Having a clear account will assist your cause and will leave you no worse off financially.
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Handforth. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Handforth are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Handforth in which case you should be shopping around for a Handforth conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your lawyer will report to you on the legal implications.
Back In 2008, I bought a leasehold flat in Handforth. Conveyancing and Barnsley Building Society mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Handforth who previously acted has now retired.Do I pay?
The first thing you should do is make enquiries of HMLR to be sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a Handforth conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. 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.
When it comes to leasehold conveyancing in Handforth what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Handforth. Most leases are unique and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:
- A provision to repair 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
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Chelsea Building Society, and Nottingham Building Society 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, obliging the buyer to pull out.
I am the registered owner of a 2 bed flat in Handforth, conveyancing formalities finalised in 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Handforth with an extended lease are worth £218,000. The ground rent is £60 yearly. The lease expires on 21st October 2073
With only 50 years remaining on your lease we estimate the premium for your lease extension to be between £39,900 and £46,200 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.