Top Five Questions relating to Yaxley leasehold conveyancing
I am hoping to complete next month on a ground floor flat in Yaxley. Conveyancing solicitors have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Yaxley should include some of the following:
- Setting out your rights in relation to the communal areas in the block.For instance, does the lease grant a right of way over an accessway or staircase?
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Yaxley. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Yaxley ?
Most houses in Yaxley are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Yaxley so you should seriously consider looking for a Yaxley conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your conveyancer will advise you fully on all the issues.
Back In 2000, I bought a leasehold flat in Yaxley. Conveyancing and Barclays mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Yaxley who previously acted has now retired.What should I do?
The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Yaxley conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note 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.
What are your top tips when it comes to appointing a Yaxley conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Yaxley conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Yaxley conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If they are not ALEP accredited then what is the reason?
Completion in due on our sale of a £475000 apartment in Yaxley on Wednesday in a week. The freeholder has quoted £420 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Yaxley?
Yaxley conveyancing on leasehold flats more often than not necessitates the buyer’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be willing to assist. They may invoice a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. 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 sent together with a summary of entitlements and obligations in respect of administration fees, otherwise the invoice is not strictly payable. Reality however dictates that you have no option but to pay whatever is requested of you if you want to sell the property.
Yaxley Leasehold Conveyancing - A selection of Questions you should ask before buying
Many Yaxley leasehold flats will have a service charge for maintenance of the block set by the freeholder. Should you acquire the property you will have to meet this liability, usually quarterly accross the year. This could be anything from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. In all probability there will be a ground rent to be met annual, this is usually not a large amount, say around £25-£75 but you should to enquire it because sometimes it can be many hundreds of pounds.
Is the freehold reversion owned collectively by the tenants?
Are any of leasehold owners in arrears of their service charge payments?