Recently asked questions relating to Tedburn St Mary leasehold conveyancing
I am on look out for some leasehold conveyancing in Tedburn St Mary. Before I get started I want to be sure as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Tedburn St Mary - 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.
I’m about to sell my garden flat in Tedburn St Mary.Conveyancing has not commenced but I have just had a quarterly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
My wife and I purchased a leasehold flat in Tedburn St Mary. Conveyancing and Virgin Money 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 ground rent demand for rent dating back to 1996. The conveyancing practitioner in Tedburn St Mary who previously acted has long since retired.What should I do?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Tedburn St Mary conveyancing firm to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Can you offer any advice when it comes to appointing a Tedburn St Mary conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Tedburn St Mary conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Tedburn St Mary conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- If they are not ALEP accredited then why not?
Do you have any advice for leasehold conveyancing in Tedburn St Mary from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Tedburn St Mary can be avoided where you appoint lawyers the minute you market your property and request that they start to collate the leasehold information needed by the buyers solicitors.
- Some Tedburn St Mary leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
Tedburn St Mary Leasehold Conveyancing - A selection of Questions you should consider before Purchasing
How much is the ground rent and service charge?
You should be aware if it is no more than 80 years it will have adverse implications on the salability of the apartment. Check with your bank that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will probably have to extend the lease sooner rather than later and it is worth finding out how much this will be. Remember, in most cases you would be required to have owned the residence for two years before you are eligible to extend the lease.
What prohibitions are there in the Tedburn St Mary Lease?