I am hoping to complete next month on a basement flat in Burbage and Hinckley. Conveyancing lawyers have said that they report fully on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Burbage and Hinckley should include some of the following:

• The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark

I have just started marketing my 2 bed apartment in Burbage and Hinckley.Conveyancing has not commenced but I have just received a quarterly maintenance charge demand – should I leave it to the buyer to sort out?

It best that you discharge 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. Having a clear account will assist your cause and will leave you no worse off financially.

I today plan to offer on a house that seems to meet my requirements, at a great figure which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Burbage and Hinckley. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Burbage and Hinckley ?

The majority of houses in Burbage and Hinckley are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Burbage and Hinckley so you should seriously consider looking for a Burbage and Hinckley conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer should appraise you on the various issues.

I am attracted to a two maisonettes in Burbage and Hinckley which have approximately fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Burbage and Hinckley. The lease is a right to use the premises for a period of time. As a lease gets shorter the marketability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this area

Are there common deficiencies that you see in leases for Burbage and Hinckley properties?

There is nothing unique about leasehold conveyancing in Burbage and Hinckley. All leases are unique and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the premises
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Skipton Building Society, and Nottingham Building Society 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 problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.

I acquired a ground floor flat in Burbage and Hinckley, conveyancing having been completed in 2000. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Burbage and Hinckley with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease expires on 21st October 2103

With just 78 years left to run the likely cost is going to span between £10,500 and £12,000 as well as legals.

The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.

Other Topics

Lease Extensions in Burbage and Hinckley