Examples of recent questions relating to leasehold conveyancing in Southend On Sea
Having had my offer accepted I require leasehold conveyancing in Southend On Sea. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Southend On Sea - 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.
My wife and I purchased a leasehold flat in Southend On Sea. Conveyancing and Halifax mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Southend On Sea who acted for me is not around.Do I pay?
First contact HMLR to be 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 Southend On Sea conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two apartments in Southend On Sea which have approximately 50 years unexpired on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the saleability of the lease decreases and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area
I am a negotiator for a busy estate agent office in Southend On Sea where we see a few leasehold sales jeopardised as a result of short leases. I have been given contradictory information from local Southend On Sea conveyancing firms. Could you confirm whether the seller of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Do you have any top tips for leasehold conveyancing in Southend On Sea from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Southend On Sea can be reduced where you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers representatives.
- If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Southend On Sea state that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord consenting to such changes. Where you fail to have the consents to hand do not communicate with the landlord without contacting your lawyer in advance.
Southend On Sea Leasehold Conveyancing - Sample of Questions you should ask before buying
The prefered form of lease arrangement is a share of the freehold. In this situation the leaseholders enjoy control and although a managing agent is usually retained where it is larger than a house conversion, the managing agent retained by the leaseholders.
Most Southend On Sea leasehold apartments will have a service charge for the upkeep of the block levied by the management company. If you acquire the property you will have to meet this liability, usually in instalments during the year. This may differ from two or three hundred pounds to thousands of pounds for blocks with lifts and large common areas. In all likelihood there will be a rentcharge for you to pay yearly, normally this is not a significant sum, say about £50-£100 but you need to check it because occasionally it can be many hundreds of pounds.
This question is important as a) areas could result in problems in the building as the communal areas may start to deteriorate if repairs remain unpaid b) if the leaseholders have an issue with the running of the building you will want to have complete disclosure