I am in need of some leasehold conveyancing in Borehamwood and Elstree. Before I set the wheels in motion I want to be sure as to the remaining lease term.

If the lease is registered - and almost all are in Borehamwood and Elstree - 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 appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Borehamwood and Elstree. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

The majority of houses in Borehamwood and Elstree are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Borehamwood and Elstree in which case you should be looking for a Borehamwood and Elstree conveyancing practitioner and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.

I am looking at a couple of apartments in Borehamwood and Elstree which have in the region of forty five years remaining on the lease term. Will this present a problem?

A lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field

I've recently bought a leasehold property in Borehamwood and Elstree. Do I have any liability for service charges relating to a period prior to my ownership?

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. 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 be sure 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).

When it comes to leasehold conveyancing in Borehamwood and Elstree what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Borehamwood and Elstree. All leases are unique and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the premises
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Royal Bank of Scotland, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.

Borehamwood and Elstree Conveyancing for Leasehold Flats - Sample of Questions you should ask before buying

Does the lease contain onerous restrictions? Can you tell me if there are any major works anticipated that will increase the maintenance costs? Be sure to find out if there are any onerous restrictions in the lease. For example plenty of leases prohibit pets being allowed in in a block in Borehamwood and Elstree. If you love the flatin Borehamwood and Elstree however your dog can’t make the move with you then you will be faced difficult determination.

Other Topics

Lease Extensions in Borehamwood and Elstree