I am on look out for some leasehold conveyancing in Cannock. 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 almost all are in Cannock - 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.

Looking forward to complete next month on a basement flat in Cannock. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Cannock should include some of the following:

• You should be sent a copy of the lease

I’m about to sell my ground floor flat in Cannock.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should 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 am employed by a busy estate agency in Cannock where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Cannock conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has been the owner 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. This means that the proposed purchaser need not have 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 at the same time as completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 makes a Cannock lease unmortgageable?

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

• A provision to repair to or maintain parts of the property
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You will 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. Yorkshire Building Society, Leeds Building Society, and Nottingham Building Society all have express conveyancing instructions 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 provide security, forcing the buyer to withdraw.

Leasehold Conveyancing in Cannock - Sample of Questions you should consider Prior to Purchasing

The prefered form of lease structure is if the freehold title is owned by the leaseholders. In this situation the tenants benefit from control and even though a managing agent is frequently retained if the building is bigger than a house conversion, the managing agent is directed by the tenants. Please note if it is fewer than 80 years it will impact the value of the apartment. It is worth checking with your bank that they are content with residual term of the lease. A short lease means that you will almost definitely need a lease extension sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you will need to own the premises for two years in order to be entitled to exercise a lease extension. Generally speaking the outlay for major works are not wrapped into the maintenance charges, although there some managing agents in Cannock obliged tenants to contribute towards a reserve fund and this is used to offset against larger works.

Other Topics

Lease Extensions in Cannock