Top Five Questions relating to Kirkby leasehold conveyancing
I am intending to rent out my leasehold apartment in Kirkby. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Even though your last Kirkby conveyancing lawyer is not around you can review your lease to see if it allows you to sublet the premises. The rule is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you must obtain consent from your landlord or other appropriate person prior to subletting. The net result is you not allowed to sublet without first obtaining consent. Such consent must not not be unreasonably withheld. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I am hoping to exchange soon on a leasehold property in Kirkby. Conveyancing lawyers assured me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Kirkby should include some of the following:
- Does the lease prevent you from letting out the flat, or working from home
My wife and I purchased a leasehold flat in Kirkby. Conveyancing and Lloyds TSB Bank mortgage are in place. 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 1997. The conveyancing practitioner in Kirkby who previously acted has now retired.What should I do?
First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to instruct a Kirkby conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I've recently bought a leasehold flat in Kirkby. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee 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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).
When it comes to leasehold conveyancing in Kirkby what are the most common lease defects?
Leasehold conveyancing in Kirkby is not unique. All leases are unique and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- Insurance obligations
- 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
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Coventry Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions 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 pull out.
Leasehold Conveyancing in Kirkby - Sample of Questions you should consider Prior to buying
How much is the ground rent and service charge?
Best to be warned whether a new roof is being put on or some other significant cost is coming up that will be shared amongst the tenants and could well dramatically increase the the maintenance fees or necessitate a one time payment.
What restrictions exist in the Kirkby Lease?