Looking forward to complete next month on a garden flat in Burntwood. Conveyancing lawyers inform me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

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

• Does the lease prohibit wood flooring?

I have just appointed agents to market my 2 bed apartment in Burntwood.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance charge demand – what should I do?

It best that you clear the service charge 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 management companies 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 am attracted to a two flats in Burntwood both have approximately fifty years unexpired on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Burntwood is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. For most purchasers and banks, leases with under 75 years become less and less attractive. 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 property 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 Burntwood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 am a negotiator for a long established estate agency in Burntwood where we have witnessed a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Burntwood conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can instigate the lease extension process for the buyer?

Provided that 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. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible 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 are your top tips when it comes to finding a Burntwood conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for lease extension works (regardless if they are a Burntwood conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Burntwood conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• How many lease extensions has the firm completed in Burntwood in the last year?

Burntwood Conveyancing for Leasehold Flats - Sample of Queries before Purchasing

Please inform me if there are any major works anticipated that could add a premium to the maintenance fees? It is important to be aware whether redecorating or some other significant cost is due shortly to be shared between the leaseholders and may well materially impact the level of the service charges or require a one time invoice. It would be sensible to discover as much as you can regarding the company managing the building as they can either make life much easier or much more difficult. As the owner of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to every day matters like the cleanliness of the common parts. Ask other tenants what they think of them. On a final note, investigate as to the dates that the maintenance fees are due to the appropriate party and precisely what you get for your money.

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Lease Extensions in Burntwood