Common questions relating to Torrington leasehold conveyancing
I am on look out for some leasehold conveyancing in Torrington. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Torrington - 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.
There are only Sixty One years left on my flat in Torrington. I now want to get lease extension but my freeholder is can not be found. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to locate the freeholder. In some cases a specialist would be useful to try and locate and to produce a report which can be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s absence and the application to the County Court overseeing Torrington.
I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Torrington. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Torrington are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Torrington so you should seriously consider looking for a Torrington conveyancing practitioner and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer should advise you fully on all the issues.
I've recently bought a leasehold flat in Torrington. Do I have any liability for service charges relating to a period prior to my ownership?
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 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).
Can you provide any top tips for leasehold conveyancing in Torrington from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Torrington can be reduced if you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers conveyancers.
- The majority landlords or Management Companies in Torrington charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Torrington.
Torrington Leasehold Conveyancing - Examples of Queries before buying
Are there any major works in the near future that could increase the service charges?
How many of the leaseholders are in arrears for their service charge payments?
If a Torrington lease has fewer than 80 years it will have adverse implications on the value of the flat. Check with your bank that they are happy with residual term of the lease. A short lease means that you will probably have to extend the lease sooner rather than later and it is worth discovering what this will be. For most Torringtonlease extensions you will be be obliged to have owned the premises for a couple of years in order to be entitled to carry out a lease extension.