Examples of recent questions relating to leasehold conveyancing in Maryland
I am on look out for some leasehold conveyancing in Maryland. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Maryland - 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.
Looking forward to sign contracts shortly on a garden flat in Maryland. Conveyancing lawyers assured me that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Maryland should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
I've found a house that appears to meet my requirements, at a great price which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Maryland. Conveyancing advisers have not yet been instructed. Will they explain the issues?
Most houses in Maryland are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Maryland in which case you should be shopping around for a Maryland conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer should report to you on the legal implications.
I've recently bought a leasehold flat in Maryland. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
Can you provide any top tips for leasehold conveyancing in Maryland from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Maryland can be bypassed where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
- The majority freeholders or managing agents in Maryland charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Maryland.
I am the registered owner of a ground floor flat in Maryland. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?
Absolutely. We can put you in touch with a Maryland conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Maryland residence is 151A Ham Park Road in May 2010. The matter came before the Tribunal by way of a vesting order made on 12 June 2009 Deputy District Judge Coonan in Bow County Court. The tribunal decided that the sum payable for the m to be paid for the lease extension was £21,445 This case related to 1 flat.