Yelverton leasehold conveyancing: Q and A’s
I’m about to sell my basement flat in Yelverton.Conveyancing has not commenced but I have just received a 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 management companies will not acknowledge the buyer unless 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.
I've found a house that seems to be perfect, at a great figure which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Yelverton. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
Most houses in Yelverton are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Yelverton in which case you should be shopping around for a Yelverton conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your lawyer should report to you on the legal implications.
My wife and I purchased a leasehold flat in Yelverton. Conveyancing and Alliance & Leicester 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 practitioner in Yelverton who acted for me is not around.Do I pay?
First contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Yelverton conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two maisonettes in Yelverton which have about fifty years remaining on the leases. Do I need to be concerned?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the value of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area
Can you provide any advice for leasehold conveyancing in Yelverton with the intention of expediting the sale process?
- Much of the delay in leasehold conveyancing in Yelverton can be reduced if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers conveyancers.
- Many freeholders or managing agents in Yelverton levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Yelverton.
Yelverton Leasehold Conveyancing - Sample of Queries Prior to buying
The answer will be helpful as a) areas may cause problems for the building as the communal areas may begin to deteriorate where repairs remain unpaid b) if the leaseholders have an issue with the managing agents you will want to know about it
Are any of leasehold owners in arrears of their service charge payments?
The best form of lease structure is a share of the freehold. In this situation the leaseholders have being in charge if their destiny and notwithstanding that a managing agent is frequently employed where the building is larger than a house conversion, the managing agent is directed by the tenants.