Common questions relating to Wadebridge leasehold conveyancing
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Wadebridge. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Wadebridge ?
The majority of houses in Wadebridge are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Wadebridge in which case you should be looking for a Wadebridge conveyancing practitioner and be sure that they are used to advising on 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 with the house. The lease comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will advise you fully on all the issues.
My wife and I purchased a leasehold house in Wadebridge. Conveyancing and Aldermore mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Wadebridge who acted for me is not around.Any advice?
First contact the Land Registry to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Wadebridge conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a couple of maisonettes in Wadebridge which have about 50 years left on the leases. Do I need to be concerned?
There are plenty of short leases in Wadebridge. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena
What are your top tips when it comes to appointing a Wadebridge conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Wadebridge conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Wadebridge conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How experienced is the firm with lease extension legislation?
If all goes to plan we aim to complete our sale of a £475000 garden flat in Wadebridge next week. The managing agents has quoted £396 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Wadebridge?
Wadebridge conveyancing on leasehold apartments often involves the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be willing to assist. They are at liberty levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, without which the invoice is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded if you want to sell the property.
Leasehold Conveyancing in Wadebridge - Sample of Queries Prior to buying
Are there any major works in the planning that could add a premium to the maintenance charges?
The answer will be useful as a) areas can result in problems in the block as the communal areas may start to deteriorate where repairs are not paid for b) if the tenants have an issue with the running of the building you will want to have complete disclosure
You will want to discover as much as you can about the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to practical issues such as the upkeep of the common parts. Enquire of prospective neighbours whether they are happy with them. Finally, investigate as to the dates that you are obliged pay the service charge to the managing agents and precisely what you get for your money.