Frequently asked questions relating to Torrington leasehold conveyancing
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Torrington. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
Most houses in Torrington are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Torrington so you should seriously consider shopping around for a Torrington conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required 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.
My wife and I purchased a leasehold house in Torrington. Conveyancing and The Royal Bank of Scotland mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Torrington who acted for me is not around.Do I pay?
The first thing you should do is contact HMLR to be sure that this person is in fact the new freeholder. There is no need to incur the fees of a Torrington conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two flats in Torrington both have in the region of fifty years left on the lease term. should I be concerned?
There are plenty of short leases in Torrington. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena
What are your top tips when it comes to finding a Torrington conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Torrington conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Torrington conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- If they are not ALEP accredited then why not?
What makes a Torrington lease defective?
Leasehold conveyancing in Torrington is not unique. All leases are individual and drafting errors can sometimes mean that certain sections are wrong. 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.
- Maintenance charge proportions which don’t add up to the correct percentage
You will encounter a problem 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, The Mortgage Works, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.
Torrington Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
This question is useful as a) areas may result in problems in the block as the common areas may begin to deteriorate where repairs remain unpaid b) if the leasehold owners have a dispute with the running of the building you will need to have complete disclosure
It would be sensible to discover as much as you can concerning the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to daily issues like the tidiness of the common parts. Ask other tenants if they are happy with them. On a final note, be sure you know the dates that you are obliged pay the maintenance charge to the managing agents and precisely how they are spending the funds.
Many Torrington leasehold properties will incur a service charge for the upkeep of the block invoiced on behalf of the freeholder. Where you buy the apartment you will have to meet this liability, usually quarterly throughout the year. This can vary from several hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a rentcharge to be met annual, this is usually not a exorbitant figure, say around £50-£100 but you should to check as on occasion it can be many hundreds of pounds.