Fixed-fee leasehold conveyancing in Binstead:

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Frequently asked questions relating to Binstead leasehold conveyancing

Looking forward to exchange soon on a garden flat in Binstead. Conveyancing solicitors inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

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

  • You should be sent a copy of the lease
  • The total extent of the premises. This will be the apartment itself but may incorporate a loft or cellar if applicable.
  • Whether the lease restricts you from renting out the flat, or working from home
  • You must be told what counts as a Nuisance in the lease
  • 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
  • Whether your lease has a provision for a reserve fund?
  • What you can do if a neighbour breach a clause of their lease? For details of the information to be contained in your report on your leasehold property in Binstead please enquire of your lawyer in ahead of your conveyancing in Binstead

    • I am attracted to a two flats in Binstead both have in the region of fifty years unexpired on the lease term. Will this present a problem?

    There are plenty of short leases in Binstead. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this arena

    Last month I purchased a leasehold property in Binstead. Am I liable to pay service charges relating to a period prior to completion of my purchase?

    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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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).

    Can you provide any top tips for leasehold conveyancing in Binstead from the point of view of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Binstead can be avoided if you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
    • A minority of Binstead leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any 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 any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. 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 pay 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 ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
  • If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share document. Obtaining a duplicate share certificate is often a time consuming formality and frustrates many a Binstead conveyancing transaction. Where a duplicate share certificate is necessary, do contact the company officers or managing agents (where applicable) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this via your solicitors. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • What are the frequently found defects that you encounter in leases for Binstead properties?

    Leasehold conveyancing in Binstead is not unique. Most leases are unique and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the premises
    • Insurance obligations
    • 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 may have 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. HSBC Bank, Norwich and Peterborough Building Society, and Godiva Mortgages Ltd all have express requirements 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, forcing the purchaser to withdraw.

    Binstead Leasehold Conveyancing - Sample of Questions you should consider before buying

      Be sure to find out if there is anything that is prohibited in the lease. For instance plenty of leases prohibit pets being permitted in certain buildings in Binstead. If you love the flatin Binstead however your cat is not allowed to live with you then you will be presented with a difficult decision. Most Binstead leasehold properties will be liable to pay a service charge for maintenance of the block set by the freeholder. If you purchase the property you will have to meet this contribution, usually quarterly during the year. This may vary from a few hundred pounds to thousands of pounds for bigger purpose-built blocks. In all probability there will be a ground rent to be met annual, ordinarily this is not a exorbitant amount, say around £50-£100 but you need to enquire as occasionally it can be many hundreds of pounds. The answer will be helpful as a) areas can result in problems in the building as the common areas may begin to deteriorate if services remain unpaid b) if the leasehold owners have a dispute with the managing agents you will need to know about it

    Other Topics

    Lease Extensions in Binstead