Trelogan leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Trelogan. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Trelogan - 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.
Back In 2005, I bought a leasehold house in Trelogan. Conveyancing and TSB mortgage organised. 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 1991. The conveyancing solicitor in Trelogan who previously acted has long since retired.Do I pay?
The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to instruct a Trelogan conveyancing practitioner to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Last month I purchased a leasehold property in Trelogan. Am I liable to pay service charges for periods before 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. Strange as it may seem, 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).
I am employed by a busy estate agent office in Trelogan where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Trelogan conveyancing solicitors. Please can you confirm whether the owner of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Are there common deficiencies that you see in leases for Trelogan properties?
There is nothing unique about leasehold conveyancing in Trelogan. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- 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
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Chelsea Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
Trelogan Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to buying
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What is the name of the managing agents?
For most Trelogan leaseholds the cost for major works tend not to be wrapped into the maintenance charges, although some managing agents in Trelogan obliged leaseholders to contribute towards a reserve fund and this is used to offset against major repairs or maintenance.
How many of the leaseholders are in arrears for their maintenance charge payments?
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