Common questions relating to Sunningdale leasehold conveyancing
Expecting to complete next month on a ground floor flat in Sunningdale. Conveyancing lawyers have said that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Sunningdale should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
I own a leasehold house in Sunningdale. Conveyancing and Godiva Mortgages Ltd mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Sunningdale who acted for me is not around.Any advice?
The first thing you should do is contact HMLR to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Sunningdale conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Can you offer any advice when it comes to choosing a Sunningdale conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Sunningdale conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Sunningdale conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If the firm is not ALEP accredited then why not?
Do you have any advice for leasehold conveyancing in Sunningdale with the purpose of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Sunningdale can be reduced where you get in touch lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ lawyers.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Sunningdale state that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord approving such works. If you fail to have the paperwork in place you should not communicate with the landlord without contacting your solicitor first.
What makes a Sunningdale lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Sunningdale. All leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- A duty to insure the building
- 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
You may have 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. Yorkshire Building Society, Virgin Money, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
Leasehold Conveyancing in Sunningdale - A selection of Questions you should consider before buying
The prefered form of lease structure is where the freehold title is owned by the leaseholders. In this situation the lessees enjoy being in charge if their destiny and notwithstanding that a managing agent is often employed where it is larger than a house conversion, the managing agent employed by the leaseholders.
Please note if it is fewer than 80 years it will have adverse implications on the marketability of the flat. Check with your bank that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will most likely need a lease extension sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you will be required to have owned the premises for a couple of years before you are legally able to extend the lease.
Its a good idea to discover as much as possible regarding the company managing the block as they will either make your living at the property much simpler or uncomfortable. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to daily matters like the upkeep of the communal areas. You should not be shy to ask other people whether they are happy with them. On a final note, be sure you know the dates that the maintenance charges are due to the managing agents and specifically what you get for your money.