Expecting to sign contracts shortly on a basement flat in Audlem. Conveyancing lawyers inform me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Audlem should include some of the following:

• You should be sent a copy of the lease

The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years

Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has

You should have a good understanding of the insurance provisions

Repair and maintenance of the flat

The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide. For details of the information to be included in your report on your leasehold property in Audlem please enquire of your lawyer in advance of your conveyancing in Audlem

What are your top tips when it comes to appointing a Audlem conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Audlem conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Audlem conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• How familiar is the practice with lease extension legislation?

Can they put you in touch with client in Audlem who can give a testimonial?

Do you have any top tips for leasehold conveyancing in Audlem from the perspective of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Audlem can be bypassed if you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ lawyers.
• Many landlords or managing agents in Audlem charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Audlem.

In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Audlem leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. Should you dont have the paperwork to hand you should not communicate with the landlord without checking with your conveyancer in advance.

A minority of Audlem leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.

If you are supposed to have a share in the Management Company, you should ensure that you hold the original share document. Organising a new share certificate can be a time consuming formality and frustrates many a Audlem home move. Where a reissued share is needed, do contact the company officers or managing agents (if relevant) for this as soon as possible.

Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £125000 maisonette in Audlem on Friday in a week. The landlords agents has quoted £420 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Audlem?

Audlem conveyancing on leasehold flats normally necessitates administration charges raised by management companies :

• Answering pre-exchange enquiries
• Where consent is required before sale in Audlem
• Copies of the building insurance and schedule
• 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 Audlem leasehold property is £350. For Audlem 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 provide the information.

Are there frequently found deficiencies that you see in leases for Audlem properties?

There is nothing unique about leasehold conveyancing in Audlem. All leases are individual and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the property
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Royal Bank of Scotland, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.

Leasehold Conveyancing in Audlem - Examples of Queries Prior to buying

Please tell me if there are any major works anticipated that will likely add a premium to the maintenance fees? It is important to be aware if window replacement or some other significant cost is due in the near future to be shared by the tenants and will materially increase the the maintenance costs or require a one off invoice. If a Audlem lease has fewer than 80 years it will have adverse implications on the value of the flat. It is worth checking with your bank that they are happy with the length of the lease. Leases with fewer than 80 years remaining means that you will probably have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. For most Audlemlease extensions you will need to own the residence for two years before you are legally able to extend the lease.

Other Topics

Lease Extensions in Audlem