Morganstown leasehold conveyancing Example Support Desk Enquiries
I have just appointed agents to market my 2 bed flat in Morganstown.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge invoice – what should I do?
It best that you pay the service charge 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.
My wife and I purchased a leasehold house in Morganstown. Conveyancing and The Royal Bank of Scotland mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Morganstown who previously acted has long since retired.Do I pay?
First contact the Land Registry to make sure that this person is in fact the new freeholder. There is no need to instruct a Morganstown conveyancing firm 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 rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Can you offer any advice when it comes to choosing a Morganstown conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Morganstown conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Morganstown conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If the firm is not ALEP accredited then why not?
Do you have any top tips for leasehold conveyancing in Morganstown with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Morganstown can be avoided if you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the buyers representatives.
- Some Morganstown leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
In relation to leasehold conveyancing in Morganstown what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Morganstown. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Norwich and Peterborough Building Society, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.
Leasehold Conveyancing in Morganstown - Sample of Queries Prior to buying
Its a good idea to find out as much as possible regarding the managing agents as they will either make life much easier or a lot more difficult. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to daily matters such as the cleanliness of the communal areas. Enquire of prospective neighbours if they are happy with them. On a final note, find out the dates that you are obliged pay the service charge to the relevant party and precisely what it includes.
On the whole the cost for major works are not built into the service charges, although a few managing agents in Morganstown obliged tenants to contribute towards a sinking fund and this is used to offset against larger works.
It would be wise to find out if there is anything that is prohibited in the lease. For instance plenty of leases prohibit pets being permitted in in a block in Morganstown. If you love the propertyin Morganstown yet your cat can’t make the move with you then you will be presented with a difficult decision.