Examples of recent questions relating to leasehold conveyancing in Whitland
I am in need of some leasehold conveyancing in Whitland. Before I get started I would like to find out the remaining lease term.
If the lease is registered - and almost all are in Whitland - then the leasehold title will always include the short particulars 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 2004, I bought a leasehold house in Whitland. Conveyancing and Nottingham Building Society mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Whitland who previously acted has long since retired.Do I pay?
The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Whitland conveyancing firm to do this as it can be done on-line for a few pound. You should note 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 attracted to a two flats in Whitland both have about 50 years remaining on the leases. should I be concerned?
There are plenty of short leases in Whitland. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena
Last month I purchased a leasehold property in Whitland. Am I liable to pay service charges relating to a period prior to my ownership?
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 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).
I work for a reputable estate agent office in Whitland where we have witnessed a few flat sales derailed as a result of short leases. I have been given contradictory information from local Whitland conveyancing firms. Please can you shed some light as to whether the seller of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, 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.
Whitland Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying
Is the freehold reversion owned jointly by the tenants?
For many Whitland leaseholds the outlay for major works tend not to be incorporated into the maintenance charges, although some managing agents in Whitland ask tenants to contribute towards a reserve fund and this is used to offset against major repairs or maintenance.
It would be prudent to investigate if there is anything that is prohibited in the lease. For example it is fairly common in Whitland leases that pets are not allowed in certain buildings in Whitland. If you love the flatin Whitland but your dog can’t move with you then you have a very difficult choice.