Sample questions relating to Iver leasehold conveyancing
I’m about to sell my ground floor flat in Iver.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – should I leave it to the buyer to sort out?
It best that you discharge the service charge 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 managing agents 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've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Iver. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Iver ?
Most houses in Iver are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Iver so you should seriously consider shopping around for a Iver conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will advise you fully on all the issues.
My wife and I purchased a leasehold flat in Iver. Conveyancing and Nottingham Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Iver who previously acted has long since retired.Any advice?
First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Iver conveyancing practitioner 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 freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Do you have any advice for leasehold conveyancing in Iver from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Iver can be bypassed where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers conveyancers.
- Many freeholders or Management Companies in Iver charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Iver.
Having spent years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Iver. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to calculate the price payable.
An example of a Freehold Enfranchisement matter before the tribunal for a Iver premises is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case affected 2 flats. The the number of years remaining on the existing lease(s) was 69 years.
In relation to leasehold conveyancing in Iver what are the most frequent lease problems?
Leasehold conveyancing in Iver is not unique. All leases are unique and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair 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
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, The Royal Bank of Scotland, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.