Looe leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Looe. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is registered - and most are in Looe - then the leasehold title will always include the short particulars 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 exchange soon on a leasehold property in Looe. Conveyancing lawyers assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Looe should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
I own a leasehold house in Looe. Conveyancing and Bank of Scotland mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Looe who acted for me is not around.Any advice?
The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to instruct a Looe conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured 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.
I am looking at a couple of flats in Looe which have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field
When it comes to leasehold conveyancing in Looe what are the most common lease problems?
Leasehold conveyancing in Looe is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements 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
You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Bank of Scotland, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.
Leasehold Conveyancing in Looe - Examples of Queries Prior to Purchasing
Does the lease include onerous restrictions?
Most Looe leasehold properties will be liable to pay a service charge for maintenance of the building invoiced by the management company. Where you purchase the apartment you will have to pay this charge, usually in instalments accross the year. This could vary from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. In all probability there will be a ground rent to be met annual, normally this is not a exorbitant figure, say about £25-£75 but you should to check it because sometimes it can be prohibitively expensive.
Please inform me if there are any major works in the near future that will likely add a premium to the maintenance fees?