Recently asked questions relating to Ripley leasehold conveyancing
Looking forward to sign contracts shortly on a basement flat in Ripley. Conveyancing lawyers assured me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Ripley should include some of the following:
- Defining your rights in respect of common areas in the building.For instance, does the lease provide for a right of way over a path or hallways?
I have just appointed agents to market my ground floor flat in Ripley.Conveyancing has not commenced but I have just had a yearly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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 own a leasehold flat in Ripley. Conveyancing and Barnsley Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Ripley who acted for me is not around.Do I pay?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the new freeholder. It is not necessary to instruct a Ripley conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of apartments in Ripley which have approximately 50 years remaining on the leases. should I be concerned?
A lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease decreases and results in it becoming more expensive to acquire a lease extension. 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 may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena
What makes a Ripley lease problematic?
There is nothing unique about leasehold conveyancing in Ripley. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Coventry Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.
Leasehold Conveyancing in Ripley - Examples of Queries before Purchasing
Make sure you investigate if the the lease contains any adverse restrictions in the lease. For instance it is reasonably common in Ripley leases that pets are not allowed in certain buildings in Ripley. If you love the propertyin Ripley however your cat is not allowed to live with you then you have a very difficult determination.
Does the lease include onerous restrictions?
It would be sensible to discover as much as possible concerning the managing agents as they will either make life much easier or problematic. As the proprietor of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day matters such as the tidiness of the common parts. Enquire of other people whether they are happy with them. On a final note, find out the dates that you are obliged pay the service charge to the managing agents and precisely what it includes.