Sample questions relating to Westbury On Trym leasehold conveyancing
Expecting to exchange soon on a garden flat in Westbury On Trym. Conveyancing solicitors have said that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Westbury On Trym should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Westbury On Trym. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Westbury On Trym ?
Most houses in Westbury On Trym are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Westbury On Trym in which case you should be looking for a Westbury On Trym conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your conveyancer should appraise you on the various issues.
My wife and I purchased a leasehold house in Westbury On Trym. Conveyancing and Lloyds TSB Bank mortgage organised. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Westbury On Trym who acted for me is not around.Do I pay?
The first thing you should do is contact HMLR to make sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Westbury On Trym conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I've recently bought a leasehold house in Westbury On Trym. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner 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. A critical element 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).
What makes a Westbury On Trym lease problematic?
Leasehold conveyancing in Westbury On Trym is not unique. All leases is drafted differently and drafting errors can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- Insurance obligations
- 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 can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Skipton Building Society, and TSB 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 is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I invested in buying a split level flat in Westbury On Trym, conveyancing was carried out 1999. Can you work out an approximate cost of a lease extension? Comparable flats in Westbury On Trym with over 90 years remaining are worth £179,000. The ground rent is £55 yearly. The lease expires on 21st October 2084
With 60 years unexpired we estimate the premium for your lease extension to span between £23,800 and £27,400 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
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