Common questions relating to Milton Keynes leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Milton Keynes. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Milton Keynes - 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 exchange soon on a ground floor flat in Milton Keynes. Conveyancing solicitors have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Milton Keynes should include some of the following:
- Does the lease prohibit wood flooring?
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Milton Keynes. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Milton Keynes ?
Most houses in Milton Keynes are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Milton Keynes in which case you should be shopping around for a Milton Keynes conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should appraise you on the various issues.
My wife and I purchased a leasehold house in Milton Keynes. Conveyancing and National Westminster Bank mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Milton Keynes who previously acted has now retired.What should I do?
First make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. There is no need to instruct a Milton Keynes conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am a negotiator for a long established estate agency in Milton Keynes where we see a few flat sales derailed due to short leases. I have been given inconsistent advice from local Milton Keynes conveyancing solicitors. Could you clarify whether the vendor of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Milton Keynes - Examples of Queries Prior to buying
Can you inform me if there are any major works on the horizon that will increase the service fees?
What is the name of the managing agents?
Does the lease have onerous restrictions?