Salcombe leasehold conveyancing: Q and A’s
My wife and I purchased a leasehold house in Salcombe. Conveyancing and Nottingham Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Salcombe who acted for me is not around.What should I do?
First contact HMLR to make sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a Salcombe conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note 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.
Can you offer any advice when it comes to appointing a Salcombe conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Salcombe conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Salcombe conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How experienced is the firm with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Salcombe from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Salcombe can be bypassed if you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ solicitors.
- The majority freeholders or Management Companies in Salcombe levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Salcombe.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £475000 apartment in Salcombe in nine days. The freeholder has quoted £396 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Salcombe?
For the majority of leasehold sales in Salcombe conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-exchange questions
- Where consent is required before sale in Salcombe
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Salcombe lease problematic?
Leasehold conveyancing in Salcombe is not unique. All leases are unique and legal mistakes in the legal wording can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- 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 will 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. Nationwide Building Society, Chelsea Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.
Leasehold Conveyancing in Salcombe - Sample of Questions you should consider before Purchasing
This question is helpful as a) areas may cause problems for the building as the common areas may begin to deteriorate if repairs are not paid for b) if the leasehold owners have a dispute with the managing agents you will need to have all the details
It would be wise to find out as much as possible concerning the company managing the block as they will either make life much simpler or uncomfortable. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to every day issues like the upkeep of the communal areas. Ask prospective neighbours what they think of them. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and precisely what it includes.
Does the lease have onerous restrictions?