Woolacombe leasehold conveyancing: Q and A’s
There are only Sixty One years unexpired on my flat in Woolacombe. I now want to get lease extension but my landlord is absent. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to prove that you or your lawyers have made all reasonable attempts to find the freeholder. In some cases a specialist should be helpful to carry out a search and to produce a report which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Woolacombe.
Due to sign contracts shortly on a studio apartment in Woolacombe. Conveyancing lawyers inform me that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Woolacombe should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I own a leasehold flat in Woolacombe. Conveyancing and Norwich and Peterborough Building Society mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Woolacombe who acted for me is not around.Do I pay?
First make enquiries of the Land Registry to make sure that this person is indeed the new freeholder. You do not need to instruct a Woolacombe conveyancing firm to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Last month I purchased a leasehold house in Woolacombe. Do I have any liability for service charges for periods before 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. 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).
In relation to leasehold conveyancing in Woolacombe what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Woolacombe. Most leases are unique and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- 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
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Leeds Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.
Leasehold Conveyancing in Woolacombe - A selection of Queries before buying
Are any of leasehold owners in arrears of their service charge liability?
The prefered form of lease arrangement is a share of the freehold. In this situation the tenants have being in charge if their destiny and even though a managing agent is frequently employed where it is bigger than a house conversion, the managing agent is directed by the tenants.
Be sure to enquire if there is anything that is prohibited in the lease. By way of example plenty of leases prohibit pets being permitted in in a block in Woolacombe. If you like the propertyin Woolacombe but your cat can’t move with you then you will be presented with a difficult decision.