Common questions relating to Tyldesley leasehold conveyancing
I have just started marketing my ground floor apartment in Tyldesley.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge invoice – Do I pay up?
It best that you discharge 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 management companies will not acknowledge the buyer unless 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.
I've found a house that appears to meet my requirements, at a great price which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Tyldesley. Conveyancing advisers have not yet been instructed. Will they explain the issues?
Most houses in Tyldesley are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Tyldesley so you should seriously consider looking for a Tyldesley conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer will appraise you on the various issues.
My wife and I purchased a leasehold flat in Tyldesley. Conveyancing and Accord Mortgages Ltd 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 demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Tyldesley who acted for me is not around.Do I pay?
First contact the Land Registry to be sure that this person is indeed the new freeholder. There is no need to incur the fees of a Tyldesley conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Can you provide any advice for leasehold conveyancing in Tyldesley from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Tyldesley can be avoided if you instruct lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers solicitors.
- The majority landlords or managing agents in Tyldesley levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Tyldesley.
Are there frequently found problems that you see in leases for Tyldesley properties?
Leasehold conveyancing in Tyldesley is not unique. All leases is drafted differently and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Skipton Building Society, and Platform Home Loans Ltd 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 pull out.
Tyldesley Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
Does the lease have onerous restrictions?
How many years remain on the lease?
Generally speaking the outlay for major works are not included within service charges, although there some managing agents in Tyldesley obliged leaseholders to contribute towards a reserve fund created for the specific intention of establishing a fund for major works.