Frequently asked questions relating to Stretford leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Stretford. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and most are in Stretford - then the leasehold title will always include the basic details 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.
Looking forward to sign contracts shortly on a garden flat in Stretford. Conveyancing solicitors inform me that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Stretford should include some of the following:
- The physical extent of the demise. This will be the flat itself but might incorporate a loft or basement if applicable.
I own a leasehold flat in Stretford. Conveyancing and Leeds Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Stretford who previously acted has long since retired.Any advice?
First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to instruct a Stretford conveyancing lawyer 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 legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Completion in due on the sale of our £175000 apartment in Stretford in just under a week. The management company has quoted £396 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Stretford?
Stretford conveyancing on leasehold apartments nine out of ten times results in administration charges raised by landlords agents :
- Completing conveyancing due diligence enquiries
- Where consent is required before sale in Stretford
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What are the common deficiencies that you encounter in leases for Stretford properties?
There is nothing unique about leasehold conveyancing in Stretford. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Virgin Money, and Aldermore all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.
Stretford Leasehold Conveyancing - A selection of Questions you should consider before buying
The answer will be important as a) areas could cause problems in the building as the common areas may start to deteriorate where maintenance are not paid for b) if the tenants have a dispute with the running of the building you will want to have all the details
The best form of lease structure is if the freehold reversion is in the ownership of the leaseholders. In this scenario the lessees have being in charge if their destiny and even though a managing agent is frequently employed where the building is larger than a house conversion, the managing agent is directed by the tenants.
Most Stretford leasehold flats will incur a service charge for the upkeep of the building set by the freeholder. Should you acquire the property you will have to meet this amount, normally periodically during the year. This could differ from a couple of hundred pounds to thousands of pounds for buildings with lifts and large common areas. There will also be a rentcharge to be met yearly, normally this is not a exorbitant amount, say about £50-£100 but you need to check as sometimes it could be prohibitively expensive.