Having had my offer accepted I require leasehold conveyancing in Brynford. Before diving in I want to be sure as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all are in Brynford - 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’m about to sell my 2 bed flat in Brynford.Conveyancing is yet to be initiated but I have just received a yearly service charge demand – Do I pay up?

It best that you 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 managing agents 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. This will smooth the conveyancing process.

I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Brynford. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

The majority of houses in Brynford are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Brynford so you should seriously consider looking for a Brynford conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your lawyer should advise you fully on all the issues.

I am tempted by the attractive purchase price for a two maisonettes in Brynford which have approximately fifty years remaining on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Brynford is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and mortgage companies, leases with less than 75 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 Brynford 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.

I've recently bought a leasehold flat in Brynford. Am I liable to pay 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).

Brynford Leasehold Conveyancing - A selection of Queries Prior to buying

Does this lease have in excess of 80 years unexpired? It would be wise to discover as much as you can regarding the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to day to day matters like the cleanliness of the common parts. Ask other tenants what they think of them. In conclusion, find out the dates that you are obliged pay the maintenance charge to the managing agents and precisely what it includes. What is the maintenance charge and ground rent on the property?

Other Topics

Lease Extensions in Brynford