Experts for Leasehold Conveyancing in Umberleigh

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Any conveyancing practice can theoretically deal with your leasehold conveyancing in Umberleigh, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Umberleigh leasehold conveyancing Example Support Desk Enquiries

Jane (my partner) and I may need to sub-let our Umberleigh garden flat for a while due to a career opportunity. We used a Umberleigh conveyancing practice in 2004 but they have since shut and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?

A lease dictates the relationship between the freeholder and you the flat owner; in particular, it will say if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Umberleigh do not contain subletting altogether – such a provision would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

Back In 2005, I bought a leasehold flat in Umberleigh. Conveyancing and Accord Mortgages Ltd mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Umberleigh who acted for me is not around.Do I pay?

First contact HMLR to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Umberleigh conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I've recently bought a leasehold property in Umberleigh. Do I have any liability for service charges relating to a period prior to my ownership?

In a situation 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. It is an essential part 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 Umberleigh with the intention of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Umberleigh can be bypassed where you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the purchasers’ solicitors.
  • Many landlords or Management Companies in Umberleigh charge for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Umberleigh.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a flat where a dispute is unsettled. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share document. Organising a re-issued share certificate can be a time consuming formality and delays many a Umberleigh home move. If a new share is required, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your lawyers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 80 years. It is therefore important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • What makes a Umberleigh lease unmortgageable?

    There is nothing unique about leasehold conveyancing in Umberleigh. Most leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the premises
    • A duty to insure the building
    • 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 will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Virgin Money, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.

    Umberleigh Leasehold Conveyancing - Sample of Questions you should ask Prior to buying

      Please tell me if there are any major works anticipated that will add a premium to the maintenance charges? What is the annual maintenance fee and ground rent? Most Umberleigh leasehold apartments will incur a service bill for the upkeep of the block set by the landlord. If you purchase the flat you will have to meet this amount, normally quarterly accross the year. This can differ from two or three hundred pounds to thousands of pounds for large purpose-built blocks. In all probability there will be a ground rent for you to pay annual, this is usually not a significant figure, say about £50-£100 but you need to enquire it because sometimes it can be surprisingly expensive.

    Other Topics

    Lease Extensions in Umberleigh