Top Five Questions relating to Newent leasehold conveyancing
Planning to sign contracts shortly on a garden flat in Newent. Conveyancing solicitors assured me that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Newent should include some of the following:
- Ground rent - how much and when you need to pay, and also know whether this will change in the future
I’m about to sell my 2 bed apartment in Newent.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge demand – what should I do?
It best that you clear the invoice 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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.
I've found a house that seems to meet my requirements, at a great price which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Newent. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
The majority of houses in Newent are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Newent in which case you should be shopping around for a Newent conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should report to you on the legal implications.
I own a leasehold flat in Newent. Conveyancing and Halifax mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Newent who previously acted has now retired.Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Newent conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
What are the common defects that you see in leases for Newent properties?
Leasehold conveyancing in Newent is not unique. All leases are individual and drafting errors can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Royal Bank of Scotland, and Barclays Direct all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.
Newent Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing
Are there any major works anticipated that will likely add a premium to the service charges?
Is the freehold owned jointly by the tenants?
You should be aware if it is fewer than 80 years it will impact the value of the apartment. It is worth checking with your bank that they are content with residual term of the lease. A short lease means that you will almost definitely need a lease extension sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you will need to own the property for two years in order to be entitled to exercise a lease extension.