Questions and Answers: Woolacombe leasehold conveyancing
I am in need of some leasehold conveyancing in Woolacombe. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Woolacombe - 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.
I have recently realised that I have Fifty years remaining on my flat in Woolacombe. I now wish to extend my lease but my landlord is missing. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have used your best endeavours to locate the lessor. For most situations an enquiry agent should be useful to conduct investigations and prepare an expert document which can be used as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s absence and the vesting order request to the County Court covering Woolacombe.
I have just started marketing my basement flat in Woolacombe.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is clear 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 managing agents 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. This will smooth the conveyancing process.
I've recently bought a leasehold house in Woolacombe. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).
Can you provide any advice for leasehold conveyancing in Woolacombe with the intention of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Woolacombe can be reduced if you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ lawyers.
- The majority freeholders or Management Companies in Woolacombe levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Woolacombe.
Woolacombe Leasehold Conveyancing - Examples of Questions you should ask Prior to buying
This information is important as a) areas could cause problems for the block as the communal areas may start to deteriorate where maintenance are not paid for b) if the leasehold owners have a dispute with the running of the building you will want to know about it
Is the freehold owned jointly by the leaseholders?
What is the service charge and ground rent on the flat?