Rowen leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Rowen. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Rowen - then the leasehold title will always include the short particulars 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.
I am hoping to complete next month on a basement flat in Rowen. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Rowen should include some of the following:
- You should be sent a copy of the lease
I am attracted to a two flats in Rowen which have approximately forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As a lease gets shorter the value of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is 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 advise that you get professional help from a solicitor and surveyor with experience in this arena
I've recently bought a leasehold property in Rowen. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you provide any advice for leasehold conveyancing in Rowen with the intention of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Rowen can be bypassed if you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ solicitors.
- The majority landlords or managing agents in Rowen levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Rowen.
Rowen Leasehold Conveyancing - Examples of Queries Prior to Purchasing
How many of the leaseholders are in arrears for their maintenance charge payments?
Many Rowen leasehold properties will have a service charge for maintenance of the building invoiced on behalf of the management company. If you acquire the property you will have to meet this amount, usually periodically during the year. This could differ from two or three hundred pounds to thousands of pounds for large purpose-built buildings. In all probability there will be a rentcharge for you to pay yearly, ordinarily this is not a significant amount, say approximately £50-£100 but you need to enquire as sometimes it could be surprisingly expensive.
How much is the ground rent and service charge?