I am on look out for some leasehold conveyancing in Neston. Before diving in I want to be sure as to the number of years remaining on the lease.

Assuming the lease is registered - and most are in Neston - 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 have just started marketing my ground floor flat in Neston.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge invoice – what should I do?

It best that you discharge 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 unless 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. This will smooth the conveyancing process.

I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Neston. Conveyancing advisers have are about to be instructed. Will they explain the issues?

Most houses in Neston are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Neston so you should seriously consider shopping around for a Neston 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. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your lawyer should appraise you on the various issues.

I own a leasehold flat in Neston. Conveyancing and The Mortgage Works mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Neston who previously acted has long since retired.Do I pay?

First make enquiries of HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. There is no need to instruct a Neston conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

Are there common defects that you come across in leases for Neston properties?

There is nothing unique about leasehold conveyancing in Neston. All leases are individual and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the property
• A duty to insure the building
• 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 issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, The Mortgage Works, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.

Leasehold Conveyancing in Neston - Examples of Queries Prior to buying

Is anyone aware of any major works on the horizon that will likely increase the service fees? Most Neston leasehold properties will be liable to pay a service charge for maintenance of the building set on behalf of the freeholder. Should you acquire the flat you will have to pay this amount, usually periodically during the year. This may vary from two or three hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent to be met yearly, ordinarily this is not a exorbitant sum, say about £50-£100 but you should to check as sometimes it can be many hundreds of pounds. Please note that where the lease has fewer than 80 years it will impact the value of the property. It is worth checking with your mortgage company that they are content with remaining years on the lease. A short lease means that you will probably have to extend the lease sooner rather than later and it is worth finding out how much this would cost. Remember, in most cases you would need to own the residence for 24 months in order to be eligible to extend the lease.

Other Topics

Lease Extensions in Neston