Sample questions relating to Hanslope leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Hanslope. Before diving in I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Hanslope - 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.
I own a leasehold flat in Hanslope. Conveyancing and Accord Mortgages Ltd mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Hanslope who acted for me is not around.What should I do?
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 Hanslope conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am a negotiator for a long established estate agency in Hanslope where we see a few flat sales derailed due to short leases. I have been given contradictory information from local Hanslope conveyancing solicitors. Please can you clarify whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £375000 maisonette in Hanslope next Wednesday . The managing agents has quoted £384 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Hanslope?
Hanslope conveyancing on leasehold apartments more often than not requires the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be content to do so. They are at liberty levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some transactions it exceeds £800. The administration charge levied by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, otherwise the charge is not strictly payable. In reality one has no choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
Are there frequently found problems that you witness in leases for Hanslope properties?
Leasehold conveyancing in Hanslope is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses 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
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
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, Skipton Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.
Leasehold Conveyancing in Hanslope - A selection of Queries before buying
How many of the leaseholders are in arrears for their maintenance charge payments?
Plenty Hanslope leasehold properties will be liable to pay a service bill for the upkeep of the block set by the landlord. Should you purchase the property you will have to pay this charge, normally periodically throughout the year. This could vary from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a rentcharge for you to pay yearly, this is usually not a significant figure, say approximately £50-£100 but you should to enquire it because sometimes it can be surprisingly expensive.
Please note if it is no more than eighty years it will affect the salability of the flat. Check with your mortgage company that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely 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 will need to own the property for a couple of years before you are entitled to exercise a lease extension.