Examples of recent questions relating to leasehold conveyancing in Liskeard
I am hoping to exchange soon on a basement flat in Liskeard. Conveyancing lawyers have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Liskeard should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
I have just started marketing my garden flat in Liskeard.Conveyancing is yet to be initiated but I have just had a half-yearly service charge invoice – Do I pay up?
It best that you pay 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.
Back In 2007, I bought a leasehold flat in Liskeard. Conveyancing and National Westminster Bank mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Liskeard who acted for me is not around.Any advice?
First make enquiries of HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to instruct a Liskeard conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a two maisonettes in Liskeard which have approximately 50 years left on the lease term. Will this present a problem?
There are plenty of short leases in Liskeard. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field
I've recently bought a leasehold flat in Liskeard. Am I liable to pay service charges for periods before completion of my purchase?
In a situation 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. However, 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).
Leasehold Conveyancing in Liskeard - Sample of Questions you should consider Prior to buying
How many years are left on the lease?
The prefered form of lease arrangement is where the freehold interest is in the ownership of the leaseholders. In this arrangement the tenants enjoy being in charge if their destiny and even though a managing agent is usually employed where it is bigger than a house conversion, the managing agent retained by the leaseholders.
This question is important as a) areas may cause problems in the block as the common areas may start to deteriorate where repairs remain unpaid b) if the leaseholders have a dispute with the running of the building you will want to know about it