Tyldesley leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Tyldesley. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is registered - and almost all are in Tyldesley - then the leasehold title will always include the basic details 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.
My wife and I purchased a leasehold house in Tyldesley. Conveyancing and Barnsley Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Tyldesley who acted for me is not around.What should I do?
First make enquiries of HMLR to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Tyldesley conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that in any event, 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 couple of maisonettes in Tyldesley which have approximately fifty years unexpired on the leases. Do I need to be concerned?
A lease is a right to use the property for a period of time. As the lease gets shorter the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this area
I've recently bought a leasehold flat in Tyldesley. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner 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).
In relation to leasehold conveyancing in Tyldesley what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Tyldesley. All leases are individual and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Coventry Building Society, and Aldermore 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 defective they may refuse to grant the mortgage, obliging the purchaser to pull out.
Tyldesley Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
Is the freehold reversion owned collectively by the tenants?
This information is helpful as a) areas may result in problems for the building as the communal areas may start to deteriorate if repairs are not paid for b) if the leaseholders have a dispute with the managing agents you will need to have all the details
Best to be warned whether a new roof is being put on or some other significant cost is due in the near future to be shared between the leasehold owners and may well dramatically increase the the service fees or require a specific invoice.