Looking forward to exchange soon on a ground floor flat in Booker. Conveyancing solicitors inform me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

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

• You should receive a copy of the lease

I have just appointed agents to market my garden flat in Booker.Conveyancing has not commenced but I have just had a quarterly service charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should pay 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. Having a clear account will assist your cause and will leave you no worse off financially.

Last month I purchased a leasehold property in Booker. Am I liable to pay service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous owner 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. 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).

What are your top tips when it comes to choosing a Booker conveyancing practice to carry out our lease extension conveyancing?

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

• If they are not ALEP accredited then why not?

What makes a Booker lease unmortgageable?

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

• Repairing obligations to or maintain elements of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Norwich and Peterborough Building Society, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.

Booker Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing

Its a good idea to find out as much as possible concerning the company managing the block as they will either make your life much simpler or problematic. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to day to day issues like the cleanliness of the common parts. Enquire of prospective neighbours if they are happy with their management. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the appropriate party and specifically what it includes. On the whole the outlay for major works are not incorporated into the maintenance charges, albeit that some managing agents in Booker require leaseholders to pay into a reserve fund created for the specific purpose of building a fund for major works. The best form of lease structure is if the freehold interest is in the ownership of the leaseholders. In this arrangement the leaseholders enjoy control and even though a managing agent is frequently employed if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.

Other Topics

Lease Extensions in Booker