Top Five Questions relating to Westbury Park leasehold conveyancing
I am in need of some leasehold conveyancing in Westbury Park. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and most are in Westbury Park - 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 2002, I bought a leasehold house in Westbury Park. Conveyancing and HSBC Bank mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Westbury Park who acted for me is not around.What should I do?
First contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Westbury Park conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Do you have any advice for leasehold conveyancing in Westbury Park with the purpose of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Westbury Park can be avoided if you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ solicitors.
- Many freeholders or managing agents in Westbury Park levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Westbury Park.
If all goes to plan we aim to complete the disposal of our £325000 maisonette in Westbury Park in six days. The managing agents has quoted £384 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Westbury Park?
For the majority of leasehold sales in Westbury Park conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-contract questions
- Where consent is required before sale in Westbury Park
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Westbury Park lease defective?
There is nothing unique about leasehold conveyancing in Westbury Park. All leases is drafted differently and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, The Mortgage Works, and Aldermore all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.
Westbury Park Leasehold Conveyancing - Sample of Questions you should consider before Purchasing
How many of the leaseholders are in arrears for their service charge payments?
The majority of Westbury Park leasehold apartments will have a service charge for maintenance of the building set on behalf of the landlord. Should you buy the property you will have to pay this contribution, normally in instalments accross the year. This may be anything from several hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all probability there will be a ground rent for you to pay annual, this is usually not a exorbitant figure, say about £50-£100 but you should to check as occasionally it could be many hundreds of pounds.
If a Westbury Park lease has less than eighty years it will affect the value of the apartment. It is worth checking with your bank that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely require a lease extension at some point and it is worth discovering how much this will be. Remember, in most cases you will be be obliged to have been the owner of the premises for a couple of years in order to be legally able to carry out a lease extension.