Fixed-fee leasehold conveyancing in Whimple:

Any conveyancing practice can theoretically handle your leasehold conveyancing in Whimple, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Whimple leasehold conveyancing

Estate agents have just been given the go-ahead to market my ground floor apartment in Whimple.Conveyancing lawyers have not yet been instructed but I have just received a quarterly maintenance charge invoice – what should I do?

It best that you clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

My wife and I purchased a leasehold flat in Whimple. Conveyancing and Clydesdale mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Whimple who previously acted has long since retired.Any advice?

The first thing you should do is make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. There is no need to instruct a Whimple conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured 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 attracted to a couple of flats in Whimple both have in the region of 50 years unexpired on the lease term. Will this present a problem?

A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field

Last month I purchased a leasehold house in Whimple. Do I have any liability for service charges relating to a period prior to completion of my purchase?

In a situation 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 ensure 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).

Are there frequently found deficiencies that you come across in leases for Whimple properties?

Leasehold conveyancing in Whimple is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections 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 building
  • A duty to insure the building
  • A provision for the recovery of money spent for the benefit of another party.
  • Service charge per centages that don't add up correctly leaving a shortfall

You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Virgin Money, and Barclays Direct all have express 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 defective they may refuse to grant the mortgage, obliging the purchaser to pull out.

Whimple Leasehold Conveyancing - Examples of Queries Prior to buying

    Can you tell me if there are any major works on the horizon that could add a premium to the maintenance costs? The answer will be important as a) areas may result in problems in the building as the common areas may begin to deteriorate where repairs are not paid for b) if the leaseholders have a dispute with the running of the building you will wish to have all the details The majority of Whimple leasehold flats will incur a service charge for the upkeep of the block levied by the freeholder. If you purchase the apartment you will have to meet this charge, normally quarterly accross the year. This may differ from several hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. There will also be a rentcharge for you to pay annual, this is usually not a large amount, say approximately £25-£75 but you should to enquire as sometimes it could be many hundreds of pounds.

Other Topics

Lease Extensions in Whimple