Top Five Questions relating to Warrington leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Warrington. Before diving in I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Warrington - 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.
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it more attractive. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Warrington. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Warrington ?
The majority of houses in Warrington are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Warrington in which case you should be looking for a Warrington conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer should advise you fully on all the issues.
My wife and I purchased a leasehold flat in Warrington. Conveyancing and Barnsley Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Warrington who acted for me is not around.What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. You do not need to instruct a Warrington conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, 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 apartments in Warrington which have about 50 years left on the leases. 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 it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this area
What are the common problems that you see in leases for Warrington properties?
Leasehold conveyancing in Warrington is not unique. Most leases are individual and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Virgin Money, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
Warrington Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing
Be sure to investigate if there is anything that is prohibited in the lease. For example it is fairly common in Warrington leases that pets are not allowed in certain buildings in Warrington. If you like the propertyin Warrington however your dog is not allowed to make the move with you then you have a very hard compromise.
Is anyone aware of any major works in the planning that will increase the maintenance costs?
Is there a share of the freehold?