Recently asked questions relating to Wadhurst leasehold conveyancing
I have just started marketing my basement flat in Wadhurst.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
My wife and I purchased a leasehold house in Wadhurst. Conveyancing and National Westminster Bank mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Wadhurst who acted for me is not around.Do I pay?
The first thing you should do is contact HMLR to make sure that this person is in fact the new freeholder. You do not need to incur the fees of a Wadhurst conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two apartments in Wadhurst which have about fifty years left on the lease term. Do I need to be concerned?
A lease is a right to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field
I've recently bought a leasehold house in Wadhurst. Am I liable to pay service charges for periods before 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. 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).
Can you offer any advice when it comes to finding a Wadhurst conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Wadhurst conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Wadhurst conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How experienced is the practice with lease extension legislation?
Leasehold Conveyancing in Wadhurst - Sample of Questions you should ask Prior to buying
You will want to find out as much as possible about the company managing the block as they can either make living at the property much simpler or uncomfortable. As the proprietor of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to every day issues such as the tidiness of the common parts. Enquire of other people what they think of them. Finally, be sure you discover the dates that you are obliged pay the service charge to the appropriate party and specifically what it includes.
Can you tell me if there are any major works anticipated that could increase the maintenance charges?
Who manages the building?