Experts for Leasehold Conveyancing in Balsall Common

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Examples of recent questions relating to leasehold conveyancing in Balsall Common

Due to complete next month on a basement flat in Balsall Common. Conveyancing solicitors assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Balsall Common should include some of the following:

  • Does the lease prevent you from letting out the property, or working from home
  • You should be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • 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.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames
  • What you can do if a neighbour breach a clause of their lease? For a comprehensive list of information to be contained in your report on your leasehold property in Balsall Common please enquire of your solicitor in advance of your conveyancing in Balsall Common

    • I am tempted by the attractive purchase price for a couple of maisonettes in Balsall Common both have in the region of fifty years remaining on the lease term. Will this present a problem?

    There are no two ways about it. A leasehold flat in Balsall Common is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Balsall Common conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    I've recently bought a leasehold house in Balsall Common. 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 lessee and they have not paid you would not usually be personally liable for the arrears. However, 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 ensure 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).

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

    If you are instructing a solicitor for your lease extension (regardless if they are a Balsall Common conveyancing practice) it is imperative that they 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 Balsall Common conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

    • If the firm is not ALEP accredited then why not?
  • What volume of lease extensions have they carried out in Balsall Common in the last twenty four months?

    • Do you have any top tips for leasehold conveyancing in Balsall Common from the perspective of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Balsall Common can be avoided if you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers conveyancers.
    • The majority freeholders or managing agents in Balsall Common charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Balsall Common.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Balsall Common leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord acquiescing to such changes. Should you fail to have the approvals in place do not contact the landlord without checking with your conveyancer in advance.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to ongoing.
  • You believe that you know the number of years left on your lease but it would be wise to verify this via your solicitors. A purchaser's conveyancer will not be happy to advise their client to where the remaining number of years is under 80 years. It is therefore essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • Balsall Common Leasehold Conveyancing - Examples of Queries before Purchasing

      How long is the Lease? What prohibitions are there in the Balsall Common Lease? Where a Balsall Common lease has no more than 80 years it will impact the salability of the flat. It is worth checking with your mortgage company that they are happy with residual term of the lease. Leases with less than 80 years remaining means that you will most likely have to extend the lease at some point and you need to have some idea of what this will be. For most Balsall Commonlease extensions you will need to own the premises for a couple of years in order to be eligible to extend the lease.

    Other Topics

    Lease Extensions in Balsall Common