Questions and Answers: Wokingham leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Wokingham. Before diving in I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Wokingham - 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.
Expecting to sign contracts shortly on a leasehold property in Wokingham. Conveyancing lawyers have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Wokingham should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
Estate agents have just been given the go-ahead to market my ground floor flat in Wokingham.Conveyancing has not commenced but I have just received a yearly maintenance charge demand – what should I do?
It best that you pay the service charge 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 until 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 house in Wokingham. 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 demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Wokingham 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 make sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Wokingham conveyancing firm to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
What makes a Wokingham lease unmortgageable?
There is nothing unique about leasehold conveyancing in Wokingham. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- 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
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. National Westminster Bank, Chelsea Building Society, and Alliance & Leicester all have express requirements 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 provide security, obliging the purchaser to pull out.
Wokingham Leasehold Conveyancing - A selection of Questions you should consider before Purchasing
The prefered form of lease structure is a share of the freehold. In this scenario the lessees have control and although a managing agent is often employed if the building is larger than a house conversion, the managing agent is directed by the tenants.
Does the lease have more than 82 years left?
Make sure you enquire if there are any onerous restrictions in the lease. By way of example it is fairly common in Wokingham leases that pets are not permitted in certain buildings in Wokingham. If you love the flatin Wokingham but your dog is not allowed to make the move with you then you have a very hard decision.