Nannerch leasehold conveyancing: Q and A’s
Planning to complete next month on a basement flat in Nannerch. Conveyancing lawyers have said that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Nannerch should include some of the following:
- You should be sent a copy of the lease
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Nannerch. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
The majority of houses in Nannerch are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Nannerch so you should seriously consider shopping around for a Nannerch conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your solicitor should advise you fully on all the issues.
My wife and I purchased a leasehold house in Nannerch. Conveyancing and Nationwide Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Nannerch who previously acted has now retired.Do I pay?
First contact the Land Registry to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Nannerch conveyancing lawyer 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 legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Last month I purchased a leasehold property in Nannerch. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee 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).
We expect to complete the sale of our £225000 flat in Nannerch next week. The freeholder has quoted £300 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Nannerch?
Nannerch conveyancing on leasehold maisonettes more often than not necessitates the buyer’s solicitor submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address such questions most will be content to assist. They are entitled invoice a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some cases it exceeds £800. The management information fee invoiced by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, otherwise the charge is not strictly payable. In reality one has no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
Nannerch Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
What prohibitions are there in the Nannerch Lease?
Is anyone aware of any major works on the horizon that could increase the service costs?
The majority of Nannerch leasehold properties will have a service charge for the upkeep of the building levied by the management company. If you buy the flat you will have to meet this charge, normally periodically throughout the year. This may vary from several hundred pounds to thousands of pounds for bigger purpose-built blocks. In all probability there will be a rentcharge to be met annual, this is usually not a large figure, say about £25-£75 but you need to enquire as sometimes it can be surprisingly expensive.