Having had my offer accepted I require leasehold conveyancing in Booker. Before I get started I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in Booker - then the leasehold title will always include the short particulars 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.

I've found a house that seems to be perfect, at a great figure which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Booker. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Booker ?

Most houses in Booker are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Booker in which case you should be shopping around for a Booker conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should appraise you on the various issues.

I am attracted to a couple of apartments in Booker which have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?

A lease is a right to use the premises for a period of time. As the lease gets shorter the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this field

I've recently bought a leasehold house in Booker. Am I liable to pay service charges for periods before my ownership?

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. 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).

We expect to complete our sale of a £200000 flat in Booker next week. The landlords agents has quoted £312 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Booker?

Booker conveyancing on leasehold flats normally involves the purchaser’s solicitor submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be willing to assist. They are entitled invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee invoiced by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, otherwise the charge is technically not due. Reality however dictates that one has no option but to pay whatever is requested of you should you wish to sell the property.

Booker Conveyancing for Leasehold Flats - A selection of Queries before Purchasing

Is there a share of the freehold? The best form of lease structure is a share of the freehold. In this arrangement the leaseholders benefit from being in charge if their destiny and even though a managing agent is often retained where it is larger than a house conversion, the managing agent acts for the leaseholders themselves. Can you inform me if there are any major works anticipated that will likely increase the service fees?

Other Topics

Lease Extensions in Booker