Questions and Answers: Wareham leasehold conveyancing
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Wareham. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in Wareham are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Wareham in which case you should be shopping around for a Wareham conveyancing solicitor and be sure that they are used to advising on leasehold houses. First 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 will likely included provisions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer will appraise you on the various issues.
Back In 2004, I bought a leasehold house in Wareham. Conveyancing and HSBC Bank mortgage are in place. 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 1992. The conveyancing solicitor in Wareham who acted for me is not around.Any advice?
The first thing you should do is contact HMLR to be sure that this person is indeed the new freeholder. You do not need to incur the fees of a Wareham conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, 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 couple of flats in Wareham which have approximately fifty years left on the leases. should I be concerned?
There are plenty of short leases in Wareham. The lease is a right to use the property for a period of time. As a lease gets shorter the saleability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena
What are your top tips when it comes to choosing a Wareham conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Wareham conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Wareham conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- If they are not ALEP accredited then why not?
Completion in due on the disposal of our £125000 garden flat in Wareham in seven days. The freeholder has quoted £408 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Wareham?
Wareham conveyancing on leasehold flats normally involves the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be willing to do so. They are entitled invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some transactions it is in excess of £800. The administration charge invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the charge is technically not due. In reality you have no choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
Wareham Leasehold Conveyancing - Examples of Queries Prior to buying
What prohibitions are contained in the Wareham Lease?
How long is the Lease?
Who are the managing agents?