Rottingdean leasehold conveyancing Example Support Desk Enquiries
I have just started marketing my garden flat in Rottingdean.Conveyancing has not commenced but I have just received a yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay 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. This will smooth the conveyancing process.
I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Rottingdean. Conveyancing advisers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Rottingdean ?
The majority of houses in Rottingdean are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Rottingdean in which case you should be looking for a Rottingdean conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should advise you fully on all the issues.
I own a leasehold flat in Rottingdean. Conveyancing and Nottingham Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Rottingdean who acted for me is not around.What should I do?
First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Rottingdean 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.
I am tempted by the attractive purchase price for a couple of flats in Rottingdean which have about forty five years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Rottingdean is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most purchasers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Rottingdean conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Do you have any top tips for leasehold conveyancing in Rottingdean from the point of view of expediting the sale process?
Much of the delay in leasehold conveyancing in Rottingdean can be bypassed if you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation needed by the purchasers’ conveyancers.
Many landlords or Management Companies in Rottingdean levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Rottingdean.
Rottingdean Leasehold Conveyancing - Examples of Queries Prior to buying
The best form of lease arrangement is a share of the freehold. In this scenario the tenants benefit from being in charge if their destiny and although a managing agent is frequently retained if the building is bigger than a house conversion, the managing agent employed by the leaseholders.
You should want to discover as much as possible regarding the managing agents as they will either make life much simpler or problematic. As the proprietor of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to day to day issues like the tidiness of the common parts. Don't be afraid to ask other people if they are happy with them. In conclusion, find out the dates that the service charges are due to the managing agents and precisely what it includes.
Best to be warned if a new roof is being installed or some other significant cost is due shortly that will be shared by the leasehold owners and could well materially impact the level of the maintenance fees or require a specific payment.