Recently asked questions relating to Urmston leasehold conveyancing
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Urmston. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Urmston ?
Most houses in Urmston are freehold rather than 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 Urmston so you should seriously consider shopping around for a Urmston conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer should report to you on the legal implications.
I own a leasehold flat in Urmston. Conveyancing and Godiva Mortgages Ltd mortgage organised. 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 1991. The conveyancing solicitor in Urmston who previously acted has now retired.Do I pay?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. There is no need to instruct a Urmston conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Last month I purchased a leasehold property in Urmston. Am I liable to pay service charges relating to a period prior to my ownership?
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. However, your landlord may still be able to take action to forfeit the lease. A critical element 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).
If all goes to plan we aim to complete the disposal of our £300000 apartment in Urmston next week. The managing agents has quoted £420 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Urmston?
Urmston conveyancing on leasehold flats normally necessitates administration charges raised by managing agents :
- Completing pre-exchange enquiries
- Where consent is required before sale in Urmston
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Urmston lease unacceptable for security purposes?
Leasehold conveyancing in Urmston is not unique. All leases are unique and drafting errors can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair 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.
- Service charge per centages that don't add up correctly leaving a shortfall
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Barnsley 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, forcing the purchaser to withdraw.
I invested in buying a ground floor flat in Urmston, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Comparable flats in Urmston with a long lease are worth £170,000. The ground rent is £65 yearly. The lease finishes on 21st October 2099
You have 77 years left to run the likely cost is going to be between £9,500 and £11,000 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.