Fixed-fee leasehold conveyancing in Bowthorpe:

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Top Five Questions relating to Bowthorpe leasehold conveyancing

I am hoping to complete next month on a basement flat in Bowthorpe. Conveyancing solicitors inform me that they report fully on Monday. What should I be looking out for?

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

  • You should receive a copy of the lease
  • Defining your legal entitlements in relation to the communal areas in the block.By way of example, does the lease grant a right of way over an accessway or staircase?
  • Are pets allowed in the flat?
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • What you can do if a neighbour breach a clause of their lease? For details of the information to be contained in your report on your leasehold property in Bowthorpe please enquire of your conveyancer in ahead of your conveyancing in Bowthorpe

    • I've recently bought a leasehold flat in Bowthorpe. Do I have any liability for service charges relating to a period prior to completion of my purchase?

    In a situation 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. A critical element 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).

    I am a negotiator for a reputable estate agent office in Bowthorpe where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Bowthorpe conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can instigate the lease extension process 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser 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 needs to be completed before, 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.

    Do you have any advice for leasehold conveyancing in Bowthorpe with the aim of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Bowthorpe can be avoided where you appoint lawyers as soon as you market your property and ask them to put together the leasehold information needed by the purchasers’ solicitors.
    • The majority landlords or Management Companies in Bowthorpe levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Bowthorpe.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Bowthorpe state that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord acquiescing to such alterations. If you dont have the consents in place do not communicate with the landlord without contacting your conveyancer before hand.
  • Some Bowthorpe leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • You may think that you are aware of the number of years left on your lease but it would be wise to verify this by asking your solicitors. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 75 years. It is therefore important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • In relation to leasehold conveyancing in Bowthorpe what are the most common lease defects?

    Leasehold conveyancing in Bowthorpe is not unique. All leases are unique and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Barnsley Building Society, and Platform Home Loans Ltd 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 is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.

    Bowthorpe Leasehold Conveyancing - A selection of Queries Prior to buying

      Best to be warned whether changing the roof or some other major work is due shortly that will be shared between the tenants and could well materially increase the the maintenance fees or require a specific invoice. Its a good idea to discover as much as you can regarding the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to practical issues like the cleanliness of the common parts. Enquire of other tenants whether they are happy with their service. In conclusion, find out the dates that the service fees are due to the managing agents and precisely what you get for your money. Are there any major works on the horizon that will likely increase the service costs?

    Other Topics

    Lease Extensions in Bowthorpe