Top Five Questions relating to Woolacombe leasehold conveyancing
I am on look out for some leasehold conveyancing in Woolacombe. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Woolacombe - 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 2006, I bought a leasehold flat in Woolacombe. Conveyancing and Chelsea Building Society mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Woolacombe who acted for me is not around.What should I do?
First contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Woolacombe conveyancing solicitor to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I've recently bought a leasehold flat in Woolacombe. Am I liable to pay 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 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).
We expect to complete the sale of our £275000 garden flat in Woolacombe in just under a week. The freeholder has quoted £360 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Woolacombe?
Woolacombe conveyancing on leasehold flats normally requires the buyer’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be content to do so. They are entitled invoice a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee levied by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. In reality you have no option but to pay whatever is requested of you if you want to complete the sale of your home.
Are there frequently found deficiencies that you see in leases for Woolacombe properties?
There is nothing unique about leasehold conveyancing in Woolacombe. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- 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 encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Barnsley Building Society, and Britannia 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 grant the mortgage, forcing the purchaser to pull out.
Leasehold Conveyancing in Woolacombe - A selection of Questions you should consider before Purchasing
Plenty Woolacombe leasehold flats will incur a service charge for the upkeep of the block levied by the landlord. Should you acquire the property you will have to pay this liability, usually in instalments accross the year. This can vary from several hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all probability there will be a rentcharge for you to pay yearly, this is usually not a exorbitant amount, say around £50-£100 but you need to enquire it because on occasion it could be many hundreds of pounds.
How much is the ground rent and service charge?
Please note if it is fewer than 80 years it will affect the marketability of the flat. It is worth checking with your bank that they are content with remaining years on the lease. Leases with fewer than 80 years remaining means that you will probably require a lease extension sooner rather than later and it is worth finding out what this will be. For most Woolacombelease extensions you will be be obliged to have owned the property for two years before you are eligible to carry out a lease extension.