Top Five Questions relating to Rise Park leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Rise Park. Before I get started I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Rise Park - 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 sign contracts shortly on a garden flat in Rise Park. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Rise Park should include some of the following:
- Setting out your legal entitlements in respect of common areas in the building.By way of example, does the lease provide for a right of way over a path or hallways?
Back In 2001, I bought a leasehold flat in Rise Park. Conveyancing and Norwich and Peterborough Building Society mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Rise Park who previously acted has long since retired.What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a Rise Park 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 freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £350000 flat in Rise Park on Wednesday in a week. The managing agents has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Rise Park?
Rise Park conveyancing on leasehold apartments normally requires the purchaser’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be content to do so. They may charge a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, otherwise the invoice is not strictly payable. In reality one has little option but to pay whatever is demanded if you want to complete the sale of your home.
I have had difficulty in trying to purchase the freehold in Rise Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the LVT to determine the price.
An example of a Lease Extension case for a Rise Park premises is Flat b 14 Kemble Road in May 2014. The Tribunal assessed the value of the premium payable for the lease extension to be £9,761 This case affected 1 flat.
What are the common defects that you come across in leases for Rise Park properties?
There is nothing unique about leasehold conveyancing in Rise Park. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Bank of Scotland, and Aldermore all have very detailed 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 problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.