Sample questions relating to Stockwood leasehold conveyancing
I am on look out for some leasehold conveyancing in Stockwood. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Stockwood - 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 complete next month on a basement flat in Stockwood. Conveyancing lawyers inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Stockwood should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I am tempted by the attractive purchase price for a two apartments in Stockwood both have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease reduces and results in it becoming more costly to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena
Last month I purchased a leasehold property in Stockwood. 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. However, 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).
Completion in due on the sale of our £125000 garden flat in Stockwood on Friday in a week. The landlords agents has quoted £420 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Stockwood?
Stockwood conveyancing on leasehold apartments normally necessitates the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions the majority will be content to assist. They are at liberty levy a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge levied by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, without which the invoice is not strictly payable. In reality one has little choice but to pay whatever is requested of you should you wish to complete the sale of your home.
Stockwood Leasehold Conveyancing - Sample of Queries before Purchasing
You should want to discover as much as possible concerning the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents from a financial perspective and when it comes to day to day matters such as the cleanliness of the communal areas. Ask other tenants what they think of them. In conclusion, investigate as to the dates that the service charges are due to the relevant party and precisely how they are spending the funds.
This question is important as a) areas may cause problems for the block as the communal areas may begin to deteriorate where maintenance remain unpaid b) if the leasehold owners have a dispute with the managing agents you will need to know about it
How much is the yearly service fee and ground rent?