Recently asked questions relating to Cowley leasehold conveyancing
Estate agents have just been given the go-ahead to market my garden apartment in Cowley.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – what should I do?
The sensible thing to do is discharge the invoice 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've found a house that seems to be perfect, at a great figure which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Cowley. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
Most houses in Cowley are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Cowley in which case you should be looking for a Cowley conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer should advise you fully on all the issues.
My wife and I purchased a leasehold flat in Cowley. Conveyancing and Accord Mortgages Ltd mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Cowley who previously acted has now retired.Do I pay?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the new freeholder. It is not necessary to instruct a Cowley conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Last month I purchased a leasehold flat in Cowley. Do I have any liability for 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. 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).
I am the leaseholder of a ground flat in Cowley. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount payable for the purchase of the freehold?
if there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the price payable.
An example of a Freehold Enfranchisement decision for a Cowley residence is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case was in relation to 2 flats. The unexpired lease term was 69 years.
What makes a Cowley lease problematic?
Leasehold conveyancing in Cowley is not unique. Most leases are unique and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- 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. National Westminster Bank, Barnsley Building Society, and Alliance & Leicester all have express 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, obliging the purchaser to withdraw.