Common questions relating to Mancot leasehold conveyancing
I am intending to let out my leasehold apartment in Mancot. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Your lease governs relations between the freeholder and you the flat owner; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Mancot do not prevent an absolute prevention of subletting – such a provision would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I have just appointed agents to market my garden apartment in Mancot.Conveyancing has not commenced but I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay 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 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. Having a clear account will assist your cause and will leave you no worse off financially.
Back In 2005, I bought a leasehold house in Mancot. Conveyancing and Chelsea Building Society mortgage are in place. 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 1995. The conveyancing solicitor in Mancot who previously acted has long since retired.Any advice?
The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Mancot conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a two maisonettes in Mancot both have about fifty years unexpired on the lease term. Will this present a problem?
A lease is a right to use the property for a period of time. As a lease shortens the value of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as 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 conveyancer and surveyor with experience in this arena
In relation to leasehold conveyancing in Mancot what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Mancot. Most leases is drafted differently and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- 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
You will encounter a problem 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, Barnsley Building Society, and Aldermore all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.
Mancot Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
It would be sensible to investigate if there are any onerous prohibitions in the lease. For example plenty of leases prohibit pets being allowed in certain buildings in Mancot. If you like the flatin Mancot however your cat can’t make the move with you then you will be presented with a difficult choice.
The prefered form of lease structure is where the freehold reversion is in the ownership of the leaseholders. In this scenario the leaseholders have control and notwithstanding that a managing agent is usually employed where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
This information is important as a) areas may result in problems for the block as the communal areas may begin to deteriorate if maintenance remain unpaid b) if the leaseholders have an issue with the managing agents you will need to have all the details