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Ramsey leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Ramsey. Before I get started I want to be sure as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Ramsey - then the leasehold title will always include the basic details 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.

Planning to exchange soon on a leasehold property in Ramsey. Conveyancing solicitors have said that they will have a report out to me tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Ramsey should include some of the following:

  • Setting out your legal entitlements in relation to common areas in the building.E.G., does the lease permit a right of way over a path or staircase?
  • Will you be prohibited or prevented from having pets in the property?
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Ramsey please ask your conveyancer in ahead of your conveyancing in Ramsey

    • I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Ramsey. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?

    Most houses in Ramsey 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 apparent that you are buying in Ramsey so you should seriously consider looking for a Ramsey conveyancing solicitor and be sure 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 at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.

    I own a leasehold flat in Ramsey. Conveyancing and Santander mortgage went though with no issue. 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 1998. The conveyancing practitioner in Ramsey 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. It is not necessary to incur the fees of a Ramsey conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    Can you provide any top tips for leasehold conveyancing in Ramsey from the perspective of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Ramsey can be avoided where you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ representatives.
    • The majority landlords or Management Companies in Ramsey levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Ramsey.
  • A minority of Ramsey leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as historic rather than ongoing.
  • You may think that you are aware of the number of years remaining on your lease but you should verify this via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 80 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • Leasehold Conveyancing in Ramsey - Examples of Queries Prior to Purchasing

      What is the service charge and ground rent on the apartment? How many of the leaseholders are in arrears for their maintenance charge payments? This question is helpful as a) areas could result in problems in the building as the communal areas may begin to deteriorate where services remain unpaid b) if the tenants have an issue with the managing agents you will need to know about it

    Other Topics

    Lease Extensions in Ramsey