Wareham leasehold conveyancing Example Support Desk Enquiries
I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Wareham. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of houses in Wareham are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Wareham in which case you should be looking for a Wareham conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. 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 obtaining the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer will appraise you on the various issues.
My wife and I purchased a leasehold house in Wareham. Conveyancing and Lloyds TSB Bank mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Wareham who previously acted has long since retired.What should I do?
First make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Wareham conveyancing lawyer 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 rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a two flats in Wareham both have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Wareham. The lease is a right to use the premises for a period of time. As the lease shortens the marketability of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field
I work for a reputable estate agency in Wareham where we have witnessed a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Wareham conveyancing firms. Can you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.
What advice can you give us when it comes to appointing a Wareham conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Wareham conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Wareham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If they are not ALEP accredited then what is the reason?
Wareham Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing
Are any of leasehold owners in arrears of their service charge payments?
The prefered form of lease arrangement is where the freehold title is owned by the leaseholders. In this situation the lessees enjoy control and notwithstanding that a managing agent is often employed if the building is larger than a house conversion, the managing agent employed by the leaseholders.
If a Wareham lease has no more than 80 years it will impact the value of the apartment. It is worth checking with your bank that they are willing to to proceed given the lease term. 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 how much this would cost. Remember, in most cases you would be be obliged to have owned the property for two years before you are eligible to exercise a lease extension.