Examples of recent questions relating to leasehold conveyancing in Highnam
I am hoping to sign contracts shortly on a basement flat in Highnam. Conveyancing solicitors have said that they will have a report out to me tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Highnam should include some of the following:
- The physical extent of the demise. This will be the flat itself but could also incorporate a roof space or basement if appropriate.
My wife and I purchased a leasehold house in Highnam. Conveyancing and Birmingham Midshires 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 1998. The conveyancing solicitor in Highnam who previously acted has long since retired.Do I pay?
First make enquiries of HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to instruct a Highnam conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of apartments in Highnam both have approximately 50 years unexpired on the leases. Do I need to be concerned?
There are plenty of short leases in Highnam. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this field
Can you offer any advice when it comes to appointing a Highnam conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Highnam conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Highnam conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- If they are not ALEP accredited then why not?
When it comes to leasehold conveyancing in Highnam what are the most common lease defects?
Leasehold conveyancing in Highnam is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Leeds Building Society, and Aldermore all have express conveyancing instructions 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, obliging the purchaser to pull out.
Highnam Leasehold Conveyancing - Examples of Queries before buying
How is the lease structured?
Is anyone aware of any major works in the near future that could increase the service costs?
Please note that where the lease has less than 80 years it will have adverse implications on the value of the flat. It is worth checking with your bank that they are content with the length of the lease. A short lease means that you will almost definitely have to extend the lease at some point and you need to have some idea of how much this would cost. For most Highnamlease extensions you will need to own the property for a couple of years before you are entitled to carry out a lease extension.