Common questions relating to Walton on the Naze leasehold conveyancing
Looking forward to sign contracts shortly on a leasehold property in Walton on the Naze. Conveyancing solicitors inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Walton on the Naze should include some of the following:
- Defining your rights in respect of the communal areas in the building.By way of example, does the lease include a right of way over a path or staircase?
I own a leasehold house in Walton on the Naze. Conveyancing and Chelsea Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Walton on the Naze who previously acted has now retired.Any advice?
The first thing you should do is contact the Land Registry to be sure that this person is in fact the new freeholder. You do not need to instruct a Walton on the Naze conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two apartments in Walton on the Naze which have about fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Walton on the Naze is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of buyers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Walton on the Naze conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I've recently bought a leasehold flat in Walton on the Naze. Am I liable to pay service charges for periods before my ownership?
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 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 appointing a Walton on the Naze conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Walton on the Naze conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Walton on the Naze conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- How many lease extensions has the firm carried out in Walton on the Naze in the last 12 months?
Walton on the Naze Conveyancing for Leasehold Flats - Examples of Queries before buying
Most Walton on the Naze leasehold properties will incur a service bill for maintenance of the building invoiced on behalf of the landlord. Where you purchase the apartment you will have to meet this liability, usually in instalments during the year. This could vary from several hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all likelihood there will be a rentcharge for you to pay yearly, this is usually not a large sum, say approximately £50-£100 but you should to enquire as occasionally it could be many hundreds of pounds.
It would be prudent to find out as much as possible concerning the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to practical issues like the upkeep of the communal areas. Ask other people whether they are happy with them. Finally, be sure you discover the dates that the service fees are due to the managing agents and specifically how they are spending that money.
It would be prudent to enquire if there are any onerous restrictions in the lease. For example it is very common in Walton on the Naze leases that pets are not allowed in in a block in Walton on the Naze. If you like the apartmentin Walton on the Naze however your dog is not allowed to move with you then you will be presented with a difficult choice.