I have just appointed agents to market my basement apartment in Borrowash.Conveyancing has not commenced but I have just had a half-yearly service charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should pay the invoice 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 management companies will not acknowledge the buyer unless 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.

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 it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Borrowash. Conveyancing solicitors have are about to be instructed. Will they explain the issues?

The majority of houses in Borrowash are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Borrowash in which case you should be shopping around for a Borrowash conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer will report to you on the legal implications.

I am attracted to a two maisonettes in Borrowash both have in the region of 50 years unexpired on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Borrowash is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most buyers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Borrowash conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Can you offer any advice when it comes to finding a Borrowash conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Borrowash conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Borrowash conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• If they are not ALEP accredited then what is the reason?

Can they put you in touch with client in Borrowash who can give a testimonial?

All being well we will complete our sale of a £325000 flat in Borrowash in just under a week. The managing agents has quoted £396 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Borrowash?

Borrowash conveyancing on leasehold apartments normally involves fees being raised by management companies :

• Addressing pre-exchange enquiries
• Where consent is required before sale in Borrowash
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Borrowash leasehold property is £350. For Borrowash conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

Leasehold Conveyancing in Borrowash - Examples of Queries Prior to buying

Be sure to find out if the the lease includes any unreasonable restrictions in the lease. By way of example it is very common in Borrowash leases that pets are not allowed in certain buildings in Borrowash. If you like the propertyin Borrowash however your dog can’t make the move with you then you will be faced difficult compromise. What is the maintenance charge and ground rent on the apartment? Are any of leasehold owners in arrears of their service charge liability?

Other Topics

Lease Extensions in Borrowash