Frequently asked questions relating to Ramsbottom leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Ramsbottom. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and most are in Ramsbottom - 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 hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Ramsbottom. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
The majority of houses in Ramsbottom are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Ramsbottom so you should seriously consider shopping around for a Ramsbottom conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will appraise you on the various issues.
Back In 2008, I bought a leasehold house in Ramsbottom. Conveyancing and Yorkshire 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 ground rent demand for rent dating back to 1996. The conveyancing practitioner in Ramsbottom who acted for me is not around.Any advice?
First make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Ramsbottom conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am a negotiator for a busy estate agent office in Ramsbottom where we see a few flat sales derailed due to short leases. I have received contradictory information from local Ramsbottom conveyancing solicitors. Could you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Completion in due on the disposal of our £125000 maisonette in Ramsbottom in just under a week. The managing agents has quoted £300 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Ramsbottom?
Ramsbottom conveyancing on leasehold maisonettes normally involves the buyer’s lawyer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be willing to do so. They are entitled invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some situations it is above £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, without which the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is demanded if you want to sell the property.
Ramsbottom Leasehold Conveyancing - A selection of Queries before Purchasing
What prohibitions exist in the Ramsbottom Lease?
How many of the leaseholders are in arrears for their service charge payments?
It would be wise to find out as much as possible regarding the company managing the building as they will either make your living at the property much easier or much more difficult. As the owner of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to practical matters like the cleanliness of the communal areas. Enquire of prospective neighbours whether they are happy with their service. On a final note, investigate as to the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money.