Questions and Answers: Sawtry leasehold conveyancing
I am on look out for some leasehold conveyancing in Sawtry. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Sawtry - 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.
Expecting to exchange soon on a leasehold property in Sawtry. Conveyancing solicitors assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Sawtry should include some of the following:
- The physical extent of the property. This will be the property itself but might include a loft or cellar if appropriate.
I’m about to sell my 2 bed apartment in Sawtry.Conveyancing has not commenced but I have just had a half-yearly service charge invoice – Do I pay up?
The sensible thing to do is clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Back In 2006, I bought a leasehold flat in Sawtry. Conveyancing and Nottingham Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Sawtry who previously acted has long since retired.What should I do?
First contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Sawtry conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
What makes a Sawtry lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Sawtry. All leases are unique and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Barnsley Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.
Leasehold Conveyancing in Sawtry - Sample of Queries Prior to buying
How much is the ground rent and service charge?
The best form of lease arrangement is where the freehold reversion is owned by the leaseholders. In this situation the leaseholders enjoy being in charge if their destiny and although a managing agent is usually retained where it is larger than a house conversion, the managing agent employed by the leaseholders.
It would be prudent to discover if there is anything that is prohibited in the lease. For example some leases prohibit pets being allowed in certain buildings in Sawtry. If you love the apartmentin Sawtry however your dog can’t make the move with you then you have a very hard choice.