Top Five Questions relating to Selsdon leasehold conveyancing
I am hoping to complete next month on a studio apartment in Selsdon. Conveyancing solicitors inform me that they will have a report out to me tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Selsdon should include some of the following:
- Setting out your legal entitlements in respect of common areas in the building.E.G., does the lease provide for a right of way over a path or staircase?
Estate agents have just been given the go-ahead to market my garden apartment in Selsdon.Conveyancing has not commenced but I have just had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you clear 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 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 today plan to offer on a house that seems to be perfect, at a great figure which is making it all the more appealing. I have just been informed 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 Selsdon. Conveyancing advisers have not yet been instructed. Will they explain the issues?
Most houses in Selsdon are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Selsdon in which case you should be looking for a Selsdon conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor should advise you fully on all the issues.
I own a leasehold flat in Selsdon. Conveyancing and Bank of Scotland mortgage are in place. I have received a letter 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 1991. The conveyancing practitioner in Selsdon who previously acted has now retired.What should I do?
First contact the Land Registry to make sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Selsdon conveyancing lawyer to do this as it can be done on-line for a few pound. 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.
I am the proprietor of a second floor flat in Selsdon. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
if there is a missing landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to calculate the price.
An example of a Freehold Enfranchisement matter before the tribunal for a Selsdon residence is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case affected 6 flats. The the number of years remaining on the existing lease(s) was 78.32 years.
When it comes to leasehold conveyancing in Selsdon what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Selsdon. Most leases is drafted differently and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- A duty to insure the building
- 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
You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Leeds Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.