Frequently asked questions relating to Portslade leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Portslade. Before diving in I would like to find out the remaining lease term.
If the lease is registered - and most are in Portslade - 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 would like to let out my leasehold flat in Portslade. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Notwithstanding that your last Portslade conveyancing solicitor is no longer available you can check your lease to check if you are permitted to let out the apartment. The rule is that if the lease is non-specific, subletting is permitted. There may be a precondition that you must obtain permission via your landlord or other appropriate person prior to subletting. The net result is that you cannot sublet without first obtaining consent. The consent should not be unreasonably withheld. If the lease does not allow you to sublet you should ask your landlord for their consent.
I have just started marketing my garden apartment in Portslade.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge invoice – Do I pay up?
It best that you clear 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 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.
My wife and I purchased a leasehold flat in Portslade. Conveyancing and Nottingham Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Portslade who acted for me is not around.Do I pay?
First make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. There is no need to incur the fees of a Portslade conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
What are the frequently found defects that you see in leases for Portslade properties?
Leasehold conveyancing in Portslade is not unique. Most leases are individual and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Bank of Scotland, and Britannia all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
Leasehold Conveyancing in Portslade - Sample of Questions you should ask Prior to Purchasing
You should be aware if it is less than eighty years it will impact the marketability of the property. Check with your lender that they are willing to to proceed given the lease term. A short lease means that you will almost definitely need a lease extension at some point and you need to have some idea of what this would cost. For most Portsladelease extensions you would need to own the residence for two years before you are eligible to extend the lease.
It would be a good idea to enquire if there are any onerous restrictions in the lease. For example some leases prohibit pets being permitted in certain buildings in Portslade. If you love the flatin Portslade however your dog can’t live with you then you will be presented with a hard compromise.
Are any of leasehold owners in dispute over their service charge payments?