I am on look out for some leasehold conveyancing in Somerton. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

Assuming the lease is registered - and most are in Somerton - 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 today plan to offer on a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Somerton. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Somerton ?

Most houses in Somerton are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Somerton so you should seriously consider shopping around for a Somerton conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will report to you on the legal implications.

My wife and I purchased a leasehold flat in Somerton. Conveyancing and Coventry Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Somerton who previously acted has long since retired.Do I pay?

First contact HMLR to be sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Somerton conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

Can you offer any advice when it comes to appointing a Somerton conveyancing firm to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Somerton conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Somerton 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:

• How many lease extensions has the firm conducted in Somerton in the last 12 months?

What are the common defects that you encounter in leases for Somerton properties?

Leasehold conveyancing in Somerton is not unique. All leases are individual and legal mistakes in the legal wording can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the premises
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Chelsea Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.

Somerton Conveyancing for Leasehold Flats - Sample of Queries before buying

You should be aware if it is fewer than eighty years it will have adverse implications on the value of the property. Check with your bank that they are willing to lend given the lease term. A short lease means that you will most likely have to extend the lease at some point and you need to have some idea of how much this will be. Remember, in most cases you will be be obliged to have been the owner of the residence for two years before you are entitled to exercise a lease extension. Most Somerton leasehold flats will be liable to pay a service charge for maintenance of the block invoiced by the landlord. Should you purchase the apartment you will have to pay this amount, normally in instalments accross the year. This may vary from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a rentcharge for you to pay annual, ordinarily this is not a significant figure, say approximately £25-£75 but you should to check as on occasion it can be many hundreds of pounds. Is there a share of the freehold?

Other Topics

Lease Extensions in Somerton