Questions and Answers: Shefford leasehold conveyancing
Due to sign contracts shortly on a garden flat in Shefford. Conveyancing lawyers assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Shefford should include some of the following:
- Does the lease prevent you from letting out the property, or working from home
I own a leasehold flat in Shefford. Conveyancing and TSB mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Shefford who acted for me is not around.Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a Shefford conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
What are your top tips when it comes to finding a Shefford conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Shefford conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Shefford conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- If they are not ALEP accredited then what is the reason?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £150000 maisonette in Shefford on Wednesday in a week. The management company has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Shefford?
For most leasehold sales in Shefford conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence questions
- Where consent is required before sale in Shefford
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Shefford lease problematic?
There is nothing unique about leasehold conveyancing in Shefford. All leases are unique and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements 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 primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Leeds Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.
Shefford Leasehold Conveyancing - Sample of Questions you should ask before Purchasing
How is the lease structured?
It would be prudent to find out as much as you can about the company managing the building as they will either make your life much simpler or problematic. As the owner of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to daily matters such as the cleanliness of the communal areas. Enquire of prospective neighbours whether they are happy with them. Finally, be sure you know the dates that the service fees are due to the managing agents and specifically how they are spending that money.
Generally speaking the outlay for major works tend not to be incorporated into the maintenance charges, albeit that there some managing agents in Shefford ask leasehold owners to pay into a sinking fund and this is used to offset against larger repairs or maintenance.