Frequently asked questions relating to Swanland leasehold conveyancing
I am in need of some leasehold conveyancing in Swanland. Before diving in I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Swanland - 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.
Looking forward to complete next month on a basement flat in Swanland. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Swanland should include some of the following:
- Defining your rights in respect of the communal areas in the building.For example, does the lease contain a right of way over an accessway or hallways?
I own a leasehold flat in Swanland. Conveyancing and Santander mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Swanland who acted for me is not around.What should I do?
The first thing you should do is contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Swanland conveyancing firm to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Last month I purchased a leasehold house in Swanland. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee 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 be sure 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).
All being well we will complete the sale of our £150000 apartment in Swanland on Friday in a week. The landlords agents has quoted £420 for Certificate of Compliance, 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 Swanland?
Swanland conveyancing on leasehold maisonettes more often than not necessitates the purchaser’s solicitor submitting questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be content to assist. They are at liberty invoice a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee levied by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, without which the charge is not strictly payable. In reality you have little option but to pay whatever is requested of you if you want to complete the sale of your home.
Leasehold Conveyancing in Swanland - A selection of Queries before buying
Please note if it is less than 80 years it will have adverse implications on the marketability of the flat. It is worth checking with your bank that they are happy with residual term of the lease. Leases with less than 80 years remaining means that you will most likely need a lease extension at some point and it is worth finding out how much this will be. For most Swanlandlease extensions you will need to own the residence for a couple of years in order to be entitled to carry out a lease extension.
It would be wise to find out as much as you can concerning the company managing the building as they can either make life much simpler or uncomfortable. As the owner of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to every day matters such as the tidiness of the communal areas. Ask other people what they think of their management. On a final note, find out the dates that you are obliged pay the service charge to the relevant party and precisely how they are spending that money.
How is the lease structured?