Sample questions relating to Parkstone leasehold conveyancing
I am in need of some leasehold conveyancing in Parkstone. Before diving in I would like to find out the remaining lease term.
Assuming the lease is registered - and almost all are in Parkstone - 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’m about to sell my ground floor flat in Parkstone.Conveyancing is yet to be initiated 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 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 am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Parkstone. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Parkstone ?
The majority of houses in Parkstone are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Parkstone in which case you should be shopping around for a Parkstone conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a contribution 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.
Last month I purchased a leasehold flat in Parkstone. Do I have any liability for 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. 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).
When it comes to leasehold conveyancing in Parkstone what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Parkstone. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- 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. Santander, Chelsea Building Society, and TSB 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, obliging the buyer to pull out.
Parkstone Conveyancing for Leasehold Flats - Sample of Questions you should ask before buying
Are any of leasehold owners in dispute over their service charge payments?
Make sure you find out if there is anything that is prohibited in the lease. By way of example it is fairly common in Parkstone leases that pets are not allowed in in a block in Parkstone. If you love the propertyin Parkstone but your cat is not allowed to live with you then you have a very difficult choice.
On the whole the cost for major works are not included within maintenance charges, albeit that there some managing agents in Parkstone ask leasehold owners to pay into a reserve fund created for the specific purpose of establishing a fund for larger works.