Leasehold Conveyancing in Ivybridge - Get a Quote from the leasehold experts approved by your lender

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Sample questions relating to Ivybridge leasehold conveyancing

I am in need of some leasehold conveyancing in Ivybridge. Before I get started I want to be sure as to the remaining lease term.

If the lease is registered - and most are in Ivybridge - 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.

My wife and I purchased a leasehold house in Ivybridge. Conveyancing and Nationwide Building Society mortgage organised. A letter has just been received 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 1994. The conveyancing practitioner in Ivybridge who acted for me is not around.Any advice?

The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Ivybridge conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note 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.

Can you offer any advice when it comes to finding a Ivybridge conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Ivybridge conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Ivybridge conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • How experienced is the firm with lease extension legislation?
  • Can they put you in touch with client in Ivybridge who can give a testimonial?

    • Can you provide any advice for leasehold conveyancing in Ivybridge with the aim of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Ivybridge can be reduced if you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers.
    • If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Ivybridge state that internal structural alterations or addition of wooden flooring require a licence from the Landlord acquiescing to such works. If you fail to have the approvals to hand do not communicate with the landlord without checking with your conveyancer in advance.
  • A minority of Ivybridge leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to ongoing.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share certificate. Arranging a new share certificate can be a lengthy process and slows down many a Ivybridge home move. If a reissued share is necessary, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.

    • When it comes to leasehold conveyancing in Ivybridge what are the most frequent lease defects?

    Leasehold conveyancing in Ivybridge is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the property
    • A duty to insure the building
    • 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 will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , The Mortgage Works, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.

    Ivybridge Leasehold Conveyancing - Examples of Questions you should ask before buying

      How is the lease structured? It is important to be aware whether window replacement or some other significant cost is due shortly to be shared amongst the leasehold owners and will dramatically increase the the maintenance fees or necessitate a specific payment. The best form of lease arrangement is where the freehold interest is owned by the leaseholders. In this arrangement the lessees benefit from being in charge if their destiny and even though a managing agent is frequently employed if it is larger than a house conversion, the managing agent retained by the leaseholders.

    Other Topics

    Lease Extensions in Ivybridge