Recently asked questions relating to Morganstown leasehold conveyancing
I am on look out for some leasehold conveyancing in Morganstown. Before diving in I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Morganstown - 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.
I am hoping to sign contracts shortly on a studio apartment in Morganstown. Conveyancing solicitors assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Morganstown should include some of the following:
- You should be sent a copy of the lease
I own a leasehold flat in Morganstown. Conveyancing and Leeds Building Society mortgage went though with no issue. I have received a letter 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 Morganstown who previously acted has long since retired.Do I pay?
First contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a Morganstown 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.
Last month I purchased a leasehold house in Morganstown. Am I liable to pay service charges relating to a period prior to completion of my purchase?
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).
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £175000 apartment in Morganstown on Tuesday in a week. The managing agents has quoted £408 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Morganstown?
Morganstown conveyancing on leasehold flats normally involves the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be willing to do so. They are entitled invoice a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it is above £800. The administration charge levied by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, otherwise the invoice is not strictly payable. In reality one has little option but to pay whatever is requested of you if you want to sell the property.
Leasehold Conveyancing in Morganstown - Examples of Questions you should ask before buying
Its a good idea to find out as much as possible regarding the company managing the building as they can either make living at the property much simpler or uncomfortable. As the owner of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to every day issues such as the cleanliness of the common parts. Enquire of other tenants whether they are happy with their management. On a final note, be sure you understand the dates that you are obliged pay the service charge to the managing agents and specifically what it includes.
It would be prudent to discover if there is anything that is prohibited in the lease. By way of example it is reasonably common in Morganstown leases that pets are not allowed in certain buildings in Morganstown. If you like the apartmentin Morganstown however your cat is not allowed to make the move with you then you have a very difficult decision.
Does the lease contain onerous restrictions?