Frequently asked questions relating to Kempston leasehold conveyancing
I am hoping to exchange soon on a garden flat in Kempston. Conveyancing solicitors inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Kempston should include some of the following:
- You should be sent a copy of the lease
Estate agents have just been given the go-ahead to market my garden apartment in Kempston.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should 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. This will smooth the conveyancing process.
I own a leasehold house in Kempston. Conveyancing and Nottingham Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Kempston who previously acted has long since retired.Any advice?
First make enquiries of HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Kempston conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured 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 attracted to a two flats in Kempston both have approximately 50 years unexpired on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the marketability of the lease deteriorate and it becomes more costly to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena
I've recently bought a leasehold property in Kempston. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Kempston - Examples of Questions you should ask before buying
In the main the cost for major works are not built into the service charges, albeit that there some managing agents in Kempston obliged leaseholders to contribute towards a reserve fund created for the specific intention of building a fund for major repairs or maintenance.
Best to be warned whether fixing the lift or some other major work is due shortly to be shared between the leaseholders and will materially increase the the maintenance charges or require a one off invoice.
Is the freehold owned jointly by the leaseholders?