Fixed-fee leasehold conveyancing in Ottery St Mary:

While any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Ottery St Mary, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Sample questions relating to Ottery St Mary leasehold conveyancing

I am hoping to complete next month on a garden flat in Ottery St Mary. Conveyancing lawyers inform me that they are sending me a report next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Ottery St Mary should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Defining your rights in respect of common areas in the building.By way of example, does the lease grant a right of way over an accessway or hallways?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Whether your lease has a provision for a sinking fund?
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • Responsibility for repairing the window frames
  • What you can do if a neighbour is in violation of a provision in their lease? For details of the information to be included in your report on your leasehold property in Ottery St Mary please ask your lawyer in advance of your conveyancing in Ottery St Mary

  • I have just started marketing my garden flat in Ottery St Mary.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge demand – Do I pay up?

    Your conveyancing lawyer is likely to suggest that you should clear 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 am looking at a couple of flats in Ottery St Mary which have about fifty years left on the leases. should I be concerned?

    A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area

    I've recently bought a leasehold property in Ottery St Mary. Do I have any liability for service charges relating to a period prior to completion of my purchase?

    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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).

    In relation to leasehold conveyancing in Ottery St Mary what are the most common lease problems?

    Leasehold conveyancing in Ottery St Mary is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are not included. 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.
    • 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 primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Virgin Money, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.

    Ottery St Mary Leasehold Conveyancing - A selection of Questions you should consider before Purchasing

      Who takes responsibility for maintaining and repairing the block? Are any of leasehold owners in arrears of their service charge liability? Its a good idea to find out as much as possible about the managing agents as they will either make life much easier or problematic. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to day to day matters like the cleanliness of the common parts. Enquire of other tenants if they are happy with their service. In conclusion, investigate as to the dates that you are obliged pay the service charge to the appropriate party and specifically what it includes.

    Other Topics

    Lease Extensions in Ottery St Mary