Mancot leasehold conveyancing Example Support Desk Enquiries
Having had my offer accepted I require leasehold conveyancing in Mancot. Before I get started I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and most are in Mancot - 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.
I am hoping to sign contracts shortly on a basement flat in Mancot. Conveyancing solicitors assured 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 Mancot should include some of the following:
- Setting out your rights in relation to the communal areas in the block.For example, does the lease permit a right of way over an accessway or staircase?
My wife and I purchased a leasehold flat in Mancot. Conveyancing and Bank of Scotland mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Mancot who previously acted has now retired.What should I do?
First contact HMLR to be sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Mancot 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 freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a two apartments in Mancot both have about fifty years remaining on the leases. should I be concerned?
There are no two ways about it. A leasehold flat in Mancot is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of buyers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Mancot conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Last month I purchased a leasehold property in Mancot. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner 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. 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).
Leasehold Conveyancing in Mancot - Sample of Questions you should ask Prior to Purchasing
What is the the remaining lease term?
You should be aware if it is less than 80 years it will affect the value of the flat. It is worth checking with your lender that they are content with the length of the lease. Leases with less than 80 years remaining means that you will most likely need a lease extension sooner rather than later and it is worth discovering what this would cost. For most Mancotlease extensions you would be be obliged to have been the owner of the property for a couple of years in order to be entitled to extend the lease.
What is the name of the managing agents?