Sample questions relating to Parkstone leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Parkstone. Before diving in I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Parkstone - then the leasehold title will always include the basic details 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.
Having checked my lease I have discovered that there are only Sixty One years left on my lease in Parkstone. I now wish to extend my lease but my landlord is can not be found. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you have used your best endeavours to locate the freeholder. In some cases an enquiry agent would be helpful to carry out a search and to produce a report to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Parkstone.
My wife and I purchased a leasehold flat in Parkstone. Conveyancing and Aldermore mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Parkstone who acted for me is not around.Do I pay?
First contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Parkstone conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Last month I purchased a leasehold flat in Parkstone. 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 owner 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 be sure 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 work for a long established estate agent office in Parkstone where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Parkstone conveyancing solicitors. Could you clarify whether the seller of a flat can start the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Parkstone Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing
Please note that where the lease has less than 80 years it will impact the marketability of the flat. Check with your lender that they are content with residual term of the lease. Leases with less than 80 years remaining means that you will almost definitely need a lease extension at some point and it is worth finding out what this will be. For most Parkstonelease extensions you will be required to have been the owner of the premises for a couple of years before you are entitled to extend the lease.
Be sure to find out if there is anything that is prohibited in the lease. For example it is very common in Parkstone leases that pets are not permitted in in a block in Parkstone. If you love the propertyin Parkstone yet your dog is not allowed to live with you then you have a very difficult choice.
How many of the leaseholders are in arrears for their maintenance charge payments?