Fixed-fee leasehold conveyancing in Limbury:

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Top Five Questions relating to Limbury leasehold conveyancing

I am on look out for some leasehold conveyancing in Limbury. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

If the lease is recorded at the land registry - and 99.9% are in Limbury - 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.

I am hoping to sign contracts shortly on a ground floor flat in Limbury. Conveyancing solicitors inform me that they report fully next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Limbury should include some of the following:

  • You should receive a copy of the lease
  • Does the lease prohibit wood flooring?
  • You must be told what counts as a Nuisance in the lease
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide. For details of the information to be included in your report on your leasehold property in Limbury please enquire of your lawyer in advance of your conveyancing in Limbury

    • I own a leasehold house in Limbury. Conveyancing and Barnsley Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Limbury who previously acted has now retired.Any advice?

    The first thing you should do is contact the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Limbury conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    Can you provide any advice for leasehold conveyancing in Limbury from the perspective of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Limbury can be reduced where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers.
    • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Limbury leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such works. If you dont have the consents to hand you should not contact the landlord without contacting your conveyancer in the first instance.
  • Some Limbury leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly 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 warry about purchasing a flat where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or resolve 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 are still duty bound to disclose details of the dispute to the buyers, but it is better to present the dispute as historic rather than ongoing.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share document. Arranging a duplicate share certificate is often a time consuming formality and delays many a Limbury home move. If a new share certificate is necessary, you should approach the company officers or managing agents (where relevant) for this sooner rather than later.

    • What makes a Limbury lease unmortgageable?

    There is nothing unique about leasehold conveyancing in Limbury. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the premises
    • Insurance obligations
    • 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

    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. Barclays , The Royal Bank of Scotland, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.

    Leasehold Conveyancing in Limbury - A selection of Questions you should ask before Purchasing

      Best to be warned whether changing the roof or some other significant cost is pending that will be shared amongst the leaseholders and could well dramatically impact the level of the maintenance costs or require a specific payment. What is the yearly maintenance fee and ground rent? This information is useful as a) areas can cause problems in the building as the communal areas may begin to deteriorate where repairs remain unpaid b) if the leasehold owners have a dispute with the running of the building you will need to have all the details

    Other Topics

    Lease Extensions in Limbury