Having had my offer accepted I require leasehold conveyancing in Burnopfield. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

If the lease is registered - and 99.9% are in Burnopfield - then the leasehold title will always include the basic details 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've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since discovered 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 Burnopfield. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

Most houses in Burnopfield are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Burnopfield so you should seriously consider looking for a Burnopfield conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of apartments in Burnopfield both have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Burnopfield is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most buyers and banks, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 premises 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 Burnopfield 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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 Burnopfield. Am I liable to pay service charges for periods before 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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).

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

There is nothing unique about leasehold conveyancing in Burnopfield. Most leases is drafted differently and drafting errors can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the premises
• Insurance obligations
• 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 can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Bank of Scotland, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.

Burnopfield Leasehold Conveyancing - Sample of Questions you should consider before Purchasing

Are any of leasehold owners in dispute over their service charge liability? It would be prudent to investigate if there are any onerous restrictions in the lease. By way of example plenty of leases prohibit pets being permitted in certain buildings in Burnopfield. If you love the apartmentin Burnopfield but your cat is not allowed to make the move with you then you will be presented with a difficult choice. Please note that where the lease has no more than 80 years it will have adverse implications on the salability of the flat. Check with your bank that they are happy with remaining years on the lease. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease at some point and you need to have some idea of what this would cost. Remember, in most cases you would need to own the residence for a couple of years in order to be entitled to extend the lease.

Other Topics

Lease Extensions in Burnopfield