Preston Park leasehold conveyancing: Q and A’s
Due to complete next month on a leasehold property in Preston Park. Conveyancing lawyers 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 Preston Park should include some of the following:
- You should be sent a copy of the lease
I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Preston Park. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
Most houses in Preston Park are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Preston Park in which case you should be looking for a Preston Park conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should advise you fully on all the issues.
I own a leasehold house in Preston Park. Conveyancing and Aldermore mortgage are in place. 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 1997. The conveyancing solicitor in Preston Park who acted for me is not around.What should I do?
First contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Preston Park conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Can you offer any advice when it comes to appointing a Preston Park conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Preston Park conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Preston Park conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- What volume of lease extensions have they completed in Preston Park in the last 12 months?
All being well we will complete the sale of our £175000 flat in Preston Park in just under a week. The freeholder has quoted £360 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Preston Park?
Preston Park conveyancing on leasehold maisonettes often necessitates the purchaser’s solicitor submitting questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries the majority will be willing to do so. They are at liberty charge a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, without which the invoice is technically not due. In reality you have no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
Preston Park Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
Who is in charge of the block?
Its a good idea to discover as much as possible concerning the managing agents as they will either make your living at the property much easier or uncomfortable. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to day to day issues such as the upkeep of the communal areas. Ask other tenants what they think of their service. On a final note, be sure you understand the dates that the maintenance fees are due to the appropriate party and precisely how they are spending the funds.
How many years remain on the lease?