Expecting to exchange soon on a basement flat in Bishops Waltham. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?

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

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

I've recently bought a leasehold flat in Bishops Waltham. Do I have any liability for service charges for periods before completion of my purchase?

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).

I am employed by a long established estate agent office in Bishops Waltham where we have experienced a number of flat sales put at risk as a result of short leases. I have been given conflicting advice from local Bishops Waltham conveyancing firms. Could you clarify whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

What advice can you give us when it comes to appointing a Bishops Waltham conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Bishops Waltham conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Bishops Waltham 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 of use:

• What volume of lease extensions have they completed in Bishops Waltham in the last year?

If all goes to plan we aim to complete the disposal of our £400000 maisonette in Bishops Waltham in just under a week. The managing agents has quoted £396 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Bishops Waltham?

Bishops Waltham conveyancing on leasehold flats usually involves the purchaser’s conveyancer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions most will be willing to do so. They may invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, without which the charge is not strictly payable. In reality you have little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

Leasehold Conveyancing in Bishops Waltham - A selection of Queries before buying

This information is useful as a) areas could result in problems for the block as the communal areas may begin to deteriorate if repairs remain unpaid b) if the leasehold owners have a dispute with the managing agents you will wish to have all the details Who takes charge for maintaining and repairing the building? In the main the cost for major works are not included within maintenance charges, although a few managing agents in Bishops Waltham obliged leaseholders to pay into a reserve fund created for the specific intention of establishing a fund for major repairs or maintenance.

Other Topics

Lease Extensions in Bishops Waltham