Expecting to sign contracts shortly on a studio apartment in Chalfont St Giles. Conveyancing lawyers have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

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

• You should receive a copy of the lease

Whether the lease restricts you from renting out the property, or having a home office for business

An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has

Repair and maintenance of the flat

Responsibility for repairing the window frames

What you can do if a neighbour breach a clause of their lease?

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 Chalfont St Giles please ask your lawyer in advance of your conveyancing in Chalfont St Giles

I am looking at a two apartments in Chalfont St Giles both have about 50 years remaining on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Chalfont St Giles is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of purchasers and banks, leases with less than eighty years become less and less attractive. 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 Chalfont St Giles 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 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.

Last month I purchased a leasehold flat in Chalfont St Giles. Am I liable to pay service charges for periods before my ownership?

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. However, 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).

What are your top tips when it comes to finding a Chalfont St Giles conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Chalfont St Giles conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Chalfont St Giles conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

• If the firm is not ALEP accredited then why not?

Can they put you in touch with client in Chalfont St Giles who can give a testimonial?

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £350000 apartment in Chalfont St Giles in just under a week. The managing agents has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Chalfont St Giles?

For most leasehold sales in Chalfont St Giles conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Addressing conveyancing due diligence enquiries
• Where consent is required before sale in Chalfont St Giles
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Chalfont St Giles leasehold premises is £350. For Chalfont St Giles conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide answers.

Leasehold Conveyancing in Chalfont St Giles - A selection of Questions you should consider Prior to Purchasing

Does the lease contain onerous restrictions? You will want to find out as much as you can regarding the company managing the building as they will impact your use and enjoyment of the property. As the owner of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to day to day matters like the tidiness of the common parts. Don't be shy to ask prospective neighbours what they think of their service. Finally, find out the dates that the maintenance fees are due to the appropriate party and precisely what it includes. This information is helpful as a) areas may result in problems in the block as the common areas may begin to deteriorate where repairs remain unpaid b) if the tenants have an issue with the running of the building you will want to have complete disclosure

Other Topics

Lease Extensions in Chalfont St Giles