Top Five Questions relating to Plymstock leasehold conveyancing
Expecting to sign contracts shortly on a ground floor flat in Plymstock. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Plymstock should include some of the following:
- Are pets allowed in the flat?
I have just started marketing my ground floor flat in Plymstock.Conveyancing has not commenced but I have just had a quarterly service charge demand – what should I do?
It best that you pay the invoice 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.
Back In 2002, I bought a leasehold house in Plymstock. Conveyancing and Britannia mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Plymstock who previously acted has long since retired.What should I do?
First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to instruct a Plymstock conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
What are your top tips when it comes to finding a Plymstock conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Plymstock conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Plymstock conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How many lease extensions have they conducted in Plymstock in the last 12 months?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £425000 garden flat in Plymstock next week. The landlords agents has quoted £312 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Plymstock?
Plymstock conveyancing on leasehold apartments usually results in administration charges levied by managing agents :
- Addressing pre-exchange enquiries
- Where consent is required before sale in Plymstock
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Plymstock Leasehold Conveyancing - Examples of Queries Prior to buying
Is the freehold reversion owned jointly by the leaseholders?
If a Plymstock lease has no more than eighty years it will impact the salability of the flat. It is worth checking with your lender that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease at some point and you need to have some idea of what this will be. Remember, in most cases you would need to own the property for a couple of years in order to be eligible to extend the lease.
It would be prudent to discover as much as you can regarding the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to practical issues like the tidiness of the communal areas. Enquire of other tenants what they think of them. On a final note, find out the dates that the service charges are due to the appropriate party and specifically how they are spending that money.