Common questions relating to Kimbolton leasehold conveyancing
I am on look out for some leasehold conveyancing in Kimbolton. Before I set the wheels in motion I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Kimbolton - 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.
Due to sign contracts shortly on a studio apartment in Kimbolton. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Kimbolton should include some of the following:
- The total extent of the property. This will be the property itself but might include a roof space or basement if appropriate.
Estate agents have just been given the go-ahead to market my basement apartment in Kimbolton.Conveyancing has not commenced but I have just received a quarterly maintenance charge invoice – what should I do?
The sensible thing to do is 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 management companies will not acknowledge the buyer unless 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 am attracted to a two apartments in Kimbolton both have approximately 50 years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Kimbolton. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area
In relation to leasehold conveyancing in Kimbolton what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Kimbolton. Most leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- 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 , Bank of Scotland, and Godiva Mortgages Ltd 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, forcing the buyer to withdraw.
Leasehold Conveyancing in Kimbolton - Examples of Queries before buying
How much is the ground rent and service charge?
Most Kimbolton leasehold flats will have a service bill for maintenance of the building set on behalf of the management company. Should you buy the property you will have to pay this liability, normally quarterly accross the year. This may be anything from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. In all likelihood there will be a rentcharge to be met annual, this is usually not a significant figure, say approximately £25-£75 but you should to enquire as occasionally it can be many hundreds of pounds.
What prohibitions are there in the Kimbolton Lease?