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 just been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Arnold. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Arnold ?

Most houses in Arnold are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Arnold in which case you should be looking for a Arnold conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer should report to you on the legal implications.

What are your top tips when it comes to appointing a Arnold conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Arnold conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Arnold conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

• If the firm is not ALEP accredited then why not?

What are the legal fees for lease extension work?

Can you provide any top tips for leasehold conveyancing in Arnold with the intention of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Arnold can be reduced if you instruct lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers solicitors.
• In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Arnold state that internal structural alterations or addition of wooden flooring require a licence from the Landlord approving such works. Where you fail to have the approvals to hand do not contact the landlord without checking with your lawyer in the first instance.

If you have had any disputes with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than unresolved.

If you are supposed to have a share in the Management Company, you should make sure that you have the original share document. Obtaining a new share certificate is often a lengthy formality and slows down many a Arnold home move. If a new share is required, you should approach the company officers or managing agents (if relevant) for this as soon as possible.

You may think that you are aware of the number of years remaining on your lease but you should verify this by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

If all goes to plan we aim to complete the disposal of our £150000 maisonette in Arnold on Monday in a week. The freeholder has quoted £300 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Arnold?

Arnold conveyancing on leasehold apartments ordinarily results in fees being raised by landlords agents :

• Completing pre-exchange enquiries
• Where consent is required before sale in Arnold
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Arnold leasehold premises is £350. For Arnold conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply the information.

What are the common deficiencies that you encounter in leases for Arnold properties?

Leasehold conveyancing in Arnold is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the property
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Norwich and Peterborough Building Society, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.

Arnold Leasehold Conveyancing - A selection of Queries before buying

What is the name of the managing agents? How much is the maintenance charge and ground rent on the property? It would be prudent to investigate if there are any onerous prohibitions in the lease. By way of example it is fairly common in Arnold leases that pets are not permitted in certain buildings in Arnold. If you like the flatin Arnold yet your dog is not allowed to move with you then you will be faced difficult choice.

Other Topics

Lease Extensions in Arnold