Frequently asked questions relating to Wareham leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Wareham. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Wareham - 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.
Back In 2003, I bought a leasehold flat in Wareham. Conveyancing and Lloyds TSB Bank 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 1991. The conveyancing solicitor in Wareham who previously acted has long since retired.Any advice?
First make enquiries of HMLR to be sure that this person is in fact the new freeholder. You do not need to incur the fees of a Wareham conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
What are your top tips when it comes to appointing a Wareham conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Wareham conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Wareham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- How familiar is the practice with lease extension legislation?
Do you have any advice for leasehold conveyancing in Wareham with the intention of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Wareham can be bypassed if you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
- The majority landlords or managing agents in Wareham levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Wareham.
What makes a Wareham lease unacceptable for security purposes?
Leasehold conveyancing in Wareham is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You will 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. Birmingham Midshires, Leeds Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
Wareham Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
Best to be warned if a new roof is being put on or some other major work is coming up to be shared amongst the tenants and could well dramatically impact the level of the maintenance fees or necessitate a specific payment.
Its a good idea to find out as much as you can about the company managing the block as they will either make living at the property much simpler or uncomfortable. As the proprietor of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to practical issues such as the cleanliness of the common parts. Enquire of other people what they think of them. On a final note, find out the dates that you are obliged pay the maintenance charge to the relevant party and precisely how they are spending the funds.
If a Wareham lease has less than eighty years it will have adverse implications on the value of the apartment. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will most likely need a lease extension at some point and you need to have some idea of how much this will be. Remember, in most cases you will be required to have been the owner of the property for a couple of years in order to be entitled to exercise a lease extension.