I am on look out for some leasehold conveyancing in Banbury. Before diving in I would like to find out the unexpired term of the lease.

If the lease is registered - and most are in Banbury - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Expecting to exchange soon on a basement flat in Banbury. Conveyancing lawyers assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

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

• You should be sent a copy of the lease

How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark

Setting out your legal entitlements in respect of the communal areas in the building.By way of example, does the lease permit a right of way over a path or hallways?

Whether the lease restricts you from letting out the flat, or working from home

Ground rent - how much and when you need to pay, and also know whether this is subject to change

You should have a good understanding of the insurance provisions

Repair and maintenance of the flat For a comprehensive list of information to be included in your report on your leasehold property in Banbury please ask your lawyer in advance of your conveyancing in Banbury

Can you offer any advice when it comes to appointing a Banbury conveyancing practice to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Banbury conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Banbury conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• What volume of lease extensions have they conducted in Banbury in the last twenty four months?

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

Do you have any top tips for leasehold conveyancing in Banbury from the point of view of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Banbury can be bypassed where you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors.
• Many freeholders or managing agents in Banbury levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Banbury.

If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? Banbury leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord consenting to such alterations. Should you fail to have the consents in place you should not communicate with the landlord without checking with your lawyer before hand.

Some Banbury leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.

If you have had conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. 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 purchasers, but it is better to reveal the dispute as over as opposed to unresolved.

All being well we will complete the sale of our £400000 apartment in Banbury in 5 days. The management company has quoted £312 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Banbury?

Banbury conveyancing on leasehold flats ordinarily results in fees being raised by landlords agents :

• Answering conveyancing due diligence questions
• Where consent is required before sale in Banbury
• 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 solicitor will have no control over the level of the charges for this information but the average costs for the information for Banbury leasehold property is £350. For Banbury 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.

Banbury Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying

This information is useful as a) areas can result in problems in the block as the communal areas may begin to deteriorate where services are not paid for b) if the tenants have an issue with the managing agents you will wish to have complete disclosure Who are the managing agents? On the whole the cost for major works are not incorporated into the maintenance charges, although some managing agents in Banbury obliged leaseholders to pay into a reserve fund created for the specific intention of establishing a fund for larger repairs or maintenance.

Other Topics

Lease Extensions in Banbury