Rumney leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Rumney. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is registered - and most are in Rumney - 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.
Having checked my lease I have discovered that there are only Fifty years unexpired on my flat in Rumney. I need to extend my lease but my landlord is absent. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to demonstrate that you have done all that could be expected to find the lessor. For most situations a specialist should be useful to carry out a search and to produce an expert document which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor both on proving the landlord’s disappearance and the application to the County Court overseeing Rumney.
I've found a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Rumney. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Rumney ?
The majority of houses in Rumney are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Rumney so you should seriously consider looking for a Rumney conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will advise you fully on all the issues.
I am looking at a couple of maisonettes in Rumney which have in the region of fifty years unexpired on the lease term. should I be concerned?
There are plenty of short leases in Rumney. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this area
Completion in due on our sale of a £150000 maisonette in Rumney in just under a week. The managing agents has quoted £324 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Rumney?
Rumney conveyancing on leasehold maisonettes normally results in fees being invoiced by freeholders :
- Completing conveyancing due diligence questions
- Where consent is required before sale in Rumney
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Rumney - Examples of Questions you should consider before Purchasing
For most Rumney leaseholds the cost for major works are not wrapped into the service charges, although there some managing agents in Rumney require tenants to pay into a reserve fund created for the specific purpose of building a fund for major works.
You should want to find out as much as possible concerning the managing agents as they can either make living at the property much easier or much more difficult. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day matters like the cleanliness of the communal areas. Enquire of prospective neighbours if they are happy with them. Finally, be sure you know the dates that the maintenance charges are due to the managing agents and specifically what it includes.
The best form of lease structure is if the freehold title is in the ownership of the leaseholders. In this situation the tenants have being in charge if their destiny and notwithstanding that a managing agent is usually employed where the building is bigger than a house conversion, the managing agent is directed by the tenants.