Common questions relating to Sea Mills leasehold conveyancing
I am in need of some leasehold conveyancing in Sea Mills. 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 almost all are in Sea Mills - 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 put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Sea Mills. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Sea Mills ?
Most houses in Sea Mills are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Sea Mills in which case you should be looking for a Sea Mills conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should advise you fully on all the issues.
Back In 2001, I bought a leasehold house in Sea Mills. Conveyancing and Halifax mortgage are in place. I have received a letter 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 practitioner in Sea Mills who acted for me is not around.Any advice?
The first thing you should do is 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 incur the fees of a Sea Mills conveyancing practitioner 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.
Last month I purchased a leasehold flat in Sea Mills. Am I liable to pay service charges relating to a period prior to my ownership?
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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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).
What are the common problems that you come across in leases for Sea Mills properties?
There is nothing unique about leasehold conveyancing in Sea Mills. Most leases is drafted differently and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Leeds Building Society, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.
I am the registered owner of a 1st floor flat in Sea Mills, conveyancing was carried out in 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Sea Mills with over 90 years remaining are worth £175,000. The ground rent is £60 per annum. The lease terminates on 21st October 2085
With 60 years left to run the likely cost is going to span between £19,000 and £22,000 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
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