Perry Barr leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Perry Barr. Before diving in I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and most are in Perry Barr - 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.
Looking forward to complete next month on a ground floor flat in Perry Barr. Conveyancing lawyers inform me that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Perry Barr should include some of the following:
- Are you allowed to have a pet in the flat?
I have just appointed agents to market my garden apartment in Perry Barr.Conveyancing solicitors are to be appointed soon but I have just had a quarterly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should 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 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 tempted by the attractive purchase price for a two maisonettes in Perry Barr both have approximately 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Perry Barr is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most buyers and mortgage companies, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Perry Barr conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Are there frequently found defects that you witness in leases for Perry Barr properties?
Leasehold conveyancing in Perry Barr is not unique. All leases are unique and legal mistakes in the legal wording can result in certain clauses are wrong. 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
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Mortgage Works, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.
Leasehold Conveyancing in Perry Barr - Examples of Questions you should ask before Purchasing
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What is the maintenance charge and ground rent on the flat?
The best form of lease structure is a share of the freehold. In this situation the leaseholders have control and even though a managing agent is usually retained where it is larger than a house conversion, the managing agent acts for the leaseholders themselves.
Its a good idea to find out as much as possible regarding the company managing the building as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to practical matters like the cleanliness of the communal areas. Don't be shy to ask other people what they think of their service. Finally, investigate as to the dates that the service fees are due to the appropriate party and specifically how they are spending that money.
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