Wadhurst leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Wadhurst. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Wadhurst - 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.
Planning to complete next month on a leasehold property in Wadhurst. Conveyancing solicitors have said that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Wadhurst should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
I own a leasehold flat in Wadhurst. Conveyancing and Nationwide Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Wadhurst who previously acted has long since retired.Do I pay?
First contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Wadhurst conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am employed by a long established estate agency in Wadhurst where we have witnessed a few leasehold sales put at risk due to short leases. I have been given inconsistent advice from local Wadhurst conveyancing firms. Please can you confirm whether the seller of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Do you have any top tips for leasehold conveyancing in Wadhurst from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Wadhurst can be reduced if you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ conveyancers.
- Many landlords or managing agents in Wadhurst levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Wadhurst.
Wadhurst Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
Where a Wadhurst lease has fewer than eighty years it will affect the marketability of the apartment. It is worth checking with your lender that they are content with the length of the lease. A short lease means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of what this would cost. For most Wadhurstlease extensions you will need to own the premises for two years before you are eligible to carry out a lease extension.
It is important to be aware if fixing the lift or some other major work is due in the near future that will be shared amongst the leasehold owners and could well materially increase the the maintenance fees or result in a specific invoice.
What is the length of the lease?