Expecting to complete next month on a leasehold property in Billingham. Conveyancing solicitors assured me that they report fully tomorrow. What should I be looking out for?

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

• Are you allowed to have a pet in the flat?

You must be told what counts as a Nuisance in the lease

You should have a good understanding of the insurance provisions

Changes to the flat (alterations and additions)

Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?

What you can do if a neighbour breach a clause of their lease?

What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Billingham please enquire of your solicitor in ahead of your conveyancing in Billingham

I’m about to sell my ground floor flat in Billingham.Conveyancing has not commenced but I have just received a yearly service charge invoice – what should I do?

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 managing agents will not acknowledge the buyer until 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. This will smooth the conveyancing process.

I am looking at a couple of flats in Billingham both have about 50 years left on the leases. should I be concerned?

There are plenty of short leases in Billingham. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this arena

What advice can you give us when it comes to finding a Billingham conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Billingham conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Billingham conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

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

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

If all goes to plan we aim to complete the disposal of our £450000 apartment in Billingham next week. The landlords agents has quoted £408 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Billingham?

Billingham conveyancing on leasehold apartments normally necessitates fees being levied by managing agents :

• Completing pre-exchange questions
• Where consent is required before sale in Billingham
• 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 conveyancer will have no control over the level of the charges for this information but the average costs for the information for Billingham leasehold property is £350. For Billingham 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 required to supply answers.

Leasehold Conveyancing in Billingham - Sample of Questions you should ask Prior to Purchasing

You should be aware if it is fewer than 80 years it will have adverse implications on the value of the property. It is worth checking with your bank that they are willing to go ahead with the loan given the lease term. A short lease means that you will probably have to extend the lease sooner rather than later and it is worth finding out what this would cost. For most Billinghamlease extensions you would need to own the property for two years in order to be entitled to extend the lease. How many of the leaseholders are in arrears for their maintenance charge payments? Can you inform me if there are any major works in the planning that could add a premium to the service charges?

Other Topics

Lease Extensions in Billingham