Frequently asked questions relating to Princes Risborough leasehold conveyancing
I am hoping to complete next month on a basement flat in Princes Risborough. Conveyancing solicitors assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Princes Risborough should include some of the following:
- You should be sent a copy of the lease
I've found a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Princes Risborough. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Princes Risborough ?
Most houses in Princes Risborough are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Princes Risborough in which case you should be shopping around for a Princes Risborough conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your solicitor will advise you fully on all the issues.
I own a leasehold flat in Princes Risborough. Conveyancing and Santander mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Princes Risborough who acted for me is not around.Any advice?
First contact HMLR to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. There is no need to instruct a Princes Risborough conveyancing firm 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 rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I've recently bought a leasehold property in Princes Risborough. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £400000 garden flat in Princes Risborough next Tuesday . The managing agents has quoted £408 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Princes Risborough?
Princes Risborough conveyancing on leasehold flats nine out of ten times involves administration charges invoiced by managing agents :
- Completing pre-contract questions
- Where consent is required before sale in Princes Risborough
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Princes Risborough Leasehold Conveyancing - A selection of Questions you should ask before buying
Please tell me if there are any major works in the planning that will likely add a premium to the service charges?
The prefered form of lease arrangement is a share of the freehold. In this situation the tenants enjoy being in charge if their destiny and notwithstanding that a managing agent is often retained where it is bigger than a house conversion, the managing agent employed by the leaseholders.
How much is the annual service fee and ground rent?