Expecting to sign contracts shortly on a studio apartment in Braunstone. Conveyancing solicitors inform me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Braunstone. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Braunstone ?

The majority of houses in Braunstone are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Braunstone so you should seriously consider looking for a Braunstone conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your lawyer should advise you fully on all the issues.

Last month I purchased a leasehold flat in Braunstone. Do I have any liability for service charges for periods before completion of my purchase?

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 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 work for a long established estate agent office in Braunstone where we have experienced a number of leasehold sales put at risk as a result of short leases. I have been given contradictory information from local Braunstone conveyancing firms. Please can you shed some light as to whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder 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 buyer.

What makes a Braunstone lease unmortgageable?

Leasehold conveyancing in Braunstone is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the building
• Insurance obligations
• 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, Skipton Building Society, and Platform Home Loans Ltd all have express conveyancing instructions 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, obliging the buyer to withdraw.

Leasehold Conveyancing in Braunstone - Examples of Queries Prior to Purchasing

In the main the outlay for major works are not included within service charges, albeit that there some managing agents in Braunstone obliged leasehold owners to pay into a sinking fund created for the specific intention of building a fund for major repairs or maintenance. The majority of Braunstone leasehold apartments will have a service charge for the upkeep of the building set by the landlord. If you acquire the apartment you will have to pay this contribution, normally periodically during the year. This may differ from two or three hundred pounds to thousands of pounds for large purpose-built blocks. In all probability there will be a rentcharge to be met annual, ordinarily this is not a large sum, say about £25-£75 but you should to check as on occasion it can be many hundreds of pounds. What is the service charge and ground rent on the flat?

Other Topics

Lease Extensions in Braunstone