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Frequently asked questions relating to Burnham On Sea leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Burnham On Sea. Before I get started I require certainty as to the unexpired term of the lease.

If the lease is registered - and most are in Burnham On Sea - 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.

Expecting to complete next month on a basement flat in Burnham On Sea. Conveyancing solicitors assured me that they will have a report out to me 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 Burnham On Sea should include some of the following:

  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • 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
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Burnham On Sea please ask your conveyancer in advance of your conveyancing in Burnham On Sea

    • I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Burnham On Sea. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Burnham On Sea ?

    Most houses in Burnham On Sea are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Burnham On Sea in which case you should be shopping around for a Burnham On Sea conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your lawyer should appraise you on the various issues.

    Can you provide any top tips for leasehold conveyancing in Burnham On Sea from the point of view of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Burnham On Sea can be reduced where you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the purchasers’ solicitors.
    • Some Burnham On Sea leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual 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 lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than unsettled.
  • If you hold a share in a the Management Company, you should ensure that you hold the original share certificate. Arranging a replacement share certificate is often a time consuming formality and delays many a Burnham On Sea conveyancing deal. Where a new share is necessary, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but it would be wise to double-check via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is under 75 years. It is therefore essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • When it comes to leasehold conveyancing in Burnham On Sea what are the most frequent lease defects?

    Leasehold conveyancing in Burnham On Sea is not unique. Most leases are unique 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 property
    • Insurance obligations
    • 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. Barclays , Chelsea Building Society, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.

    Burnham On Sea Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing

      It would be wise to find out as much as you can regarding the managing agents as they can either make your life much easier or problematic. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to daily issues like the cleanliness of the communal areas. Don't be afraid to ask other tenants whether they are happy with their management. On a final note, find out the dates that you are obliged pay the maintenance charge to the relevant party and specifically how they are spending that money. Are there any major works in the planning that will likely add a premium to the service charges? How much is the yearly maintenance fee and ground rent?

    Other Topics

    Lease Extensions in Burnham On Sea