Ripley leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Ripley. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Ripley - 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.
My fiance and I may need to rent out our Ripley ground floor flat for a while due to taking a sabbatical. We used a Ripley conveyancing firm in 2002 but they have closed and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
A lease governs relations between the freeholder and you the flat owner; in particular, it will set out if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Ripley do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I have just started marketing my garden apartment in Ripley.Conveyancing is yet to be initiated but I have just received a half-yearly service charge invoice – Do I pay up?
It best that you discharge 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am tempted by the attractive purchase price for a couple of apartments in Ripley which have about fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a prescribed time frame. As the lease shortens the saleability of the lease reduces and it becomes more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena
If all goes to plan we aim to complete the disposal of our £300000 maisonette in Ripley next week. The managing agents has quoted £312 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Ripley?
Ripley conveyancing on leasehold flats nine out of ten times involves administration charges levied by management companies :
- Answering pre-exchange enquiries
- Where consent is required before sale in Ripley
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Ripley Leasehold Conveyancing - A selection of Queries before Purchasing
Are any of leasehold owners in arrears of their service charge payments?
Is anyone aware of any major works in the near future that could increase the maintenance fees?
It would be sensible to discover if the the lease contains any onerous restrictions in the lease. For example it is reasonably common in Ripley leases that pets are not allowed in in a block in Ripley. If you love the apartmentin Ripley however your dog is not allowed to make the move with you then you will be faced hard determination.