Recently asked questions relating to Ouston leasehold conveyancing
Estate agents have just been given the go-ahead to market my basement flat in Ouston.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge invoice – Do I pay up?
It best that you 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 management companies 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. This will smooth the conveyancing process.
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Ouston. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Ouston ?
The majority of houses in Ouston are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Ouston in which case you should be looking for a Ouston conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor should report to you on the legal implications.
My wife and I purchased a leasehold flat in Ouston. Conveyancing and Santander mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Ouston who acted for me is not around.What should I do?
The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Ouston 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 legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two maisonettes in Ouston both have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Ouston. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the marketability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area
I've recently bought a leasehold house in Ouston. Am I liable to pay service charges for periods before completion of my purchase?
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. However, your landlord may still be able to take action to forfeit the lease. A critical element 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).
I bought a garden flat in Ouston, conveyancing formalities finalised 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Ouston with an extended lease are worth £174,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease finishes on 21st October 2098
You have 78 years left to run the likely cost is going to span between £11,400 and £13,200 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.