Sample questions relating to Sandbach leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Sandbach. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Sandbach - 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 exchange soon on a studio apartment in Sandbach. Conveyancing solicitors inform me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Sandbach should include some of the following:
- Does the lease prohibit wood flooring?
I own a leasehold house in Sandbach. Conveyancing and Coventry Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Sandbach who acted for me is not around.Do I pay?
First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. There is no need to instruct a Sandbach conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I've recently bought a leasehold house in Sandbach. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, 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 ensure 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).
I work for a busy estate agency in Sandbach where we have witnessed a few leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Sandbach conveyancing firms. Please can you shed some light as to whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Sandbach Leasehold Conveyancing - A selection of Questions you should ask before buying
The prefered form of lease structure is a share of the freehold. In this scenario the lessees enjoy control and even though a managing agent is usually retained if it is larger than a house conversion, the managing agent acts for the leaseholders themselves.
How long is the Lease?
If a Sandbach lease has less than 80 years it will have adverse implications on the marketability of the apartment. Check with your lender that they are willing to lend given the lease term. A short lease means that you will probably have to extend the lease sooner rather than later and it is worth finding out how much this would cost. Remember, in most cases you would be required to have owned the residence for 24 months in order to be legally able to extend the lease.