Frequently asked questions relating to Peterlee leasehold conveyancing
I am on look out for some leasehold conveyancing in Peterlee. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Peterlee - 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 am intending to let out my leasehold flat in Peterlee. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A small minority of properties in Peterlee do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
My wife and I purchased a leasehold house in Peterlee. Conveyancing and Platform Home Loans Ltd mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Peterlee who acted for me is not around.What should I do?
The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to instruct a Peterlee conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
What are your top tips when it comes to appointing a Peterlee conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Peterlee conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Peterlee conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How many lease extensions have they conducted in Peterlee in the last twenty four months?
What makes a Peterlee lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Peterlee. Most leases are individual and drafting errors can result in certain sections are not included. 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
You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Bank of Scotland, and Godiva Mortgages Ltd 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 does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.
Leasehold Conveyancing in Peterlee - Sample of Questions you should ask before buying
Is the freehold reversion owned jointly by the tenants?
You will want to find out as much as you can regarding the managing agents as they can either make life much simpler or uncomfortable. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to every day issues like the cleanliness of the communal areas. Enquire of prospective neighbours what they think of them. On a final note, investigate as to the dates that you are obliged pay the service charge to the appropriate party and precisely how they are spending the funds.
Many Peterlee leasehold apartments will be liable to pay a service bill for maintenance of the block levied by the management company. Should you acquire the apartment you will have to meet this contribution, usually periodically during the year. This can differ from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent to be met yearly, this is usually not a exorbitant amount, say approximately £25-£75 but you should to check it because sometimes it can be many hundreds of pounds.