Frequently asked questions relating to Sandiacre leasehold conveyancing
I've found a house that seems to be perfect, at a great price which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Sandiacre. Conveyancing advisers have not yet been appointed. Will they explain the issues?
The majority of houses in Sandiacre are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Sandiacre so you should seriously consider looking for a Sandiacre conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will advise you fully on all the issues.
I own a leasehold flat in Sandiacre. Conveyancing and Coventry Building Society mortgage went though with no issue. I have received a letter 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 solicitor in Sandiacre who previously acted has long since retired.What should I do?
First contact HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Sandiacre conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two apartments in Sandiacre which have approximately 50 years left on the lease term. Will this present a problem?
There are plenty of short leases in Sandiacre. The lease is a right to use the premises for a period of time. As a lease gets shorter the saleability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field
Last month I purchased a leasehold flat in Sandiacre. Do I have any liability for service charges relating to a period prior to my ownership?
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. 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 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).
All being well we will complete the disposal of our £425000 maisonette in Sandiacre next Thursday . The landlords agents has quoted £420 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Sandiacre?
For the majority of leasehold sales in Sandiacre conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-contract questions
- Where consent is required before sale in Sandiacre
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Sandiacre Conveyancing for Leasehold Flats - Sample of Queries before buying
How many of the leaseholders are in arrears for their maintenance charge payments?
Generally speaking the cost for major works tend not to be included within maintenance charges, although some managing agents in Sandiacre require leaseholders to contribute towards a sinking fund and this is used to offset against larger repairs or maintenance.
Please note that where the lease has no more than eighty years it will impact the salability of the apartment. Check with your bank that they are content with remaining years on the lease. A short lease means that you will probably have to extend the lease at some point and it is worth discovering what this would cost. Remember, in most cases you will need to own the property for two years before you are legally able to extend the lease.