Expecting to sign contracts shortly on a garden flat in Chapel Allerton. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Chapel Allerton 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 Chapel Allerton.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – should I leave it to the buyer to sort out?

It best that you clear 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. This will smooth the conveyancing process.

I own a leasehold house in Chapel Allerton. Conveyancing and Bank of Scotland mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Chapel Allerton who previously acted has now retired.Do I pay?

The first thing you should do is contact the Land Registry to be sure that this person is indeed the new freeholder. It is not necessary to instruct a Chapel Allerton conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a two flats in Chapel Allerton both have approximately fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the premises for a period of time. As a lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena

I work for a busy estate agency in Chapel Allerton where we see a few leasehold sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Chapel Allerton conveyancing firms. Could you confirm whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

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.

Leasehold Conveyancing in Chapel Allerton - Sample of Queries Prior to buying

On the whole the outlay for major works tend not to be included within service charges, albeit that some managing agents in Chapel Allerton require leaseholders to contribute towards a sinking fund created for the specific purpose of establishing a fund for major repairs or maintenance. It would be wise to find out as much as possible concerning the managing agents as they can either make your life much simpler or much more difficult. As the owner of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to practical issues like the upkeep of the common parts. Don't be afraid to ask other tenants if they are happy with their management. Finally, find out the dates that the service charges are due to the managing agents and precisely how they are spending that money. It is important to be aware if window replacement or some other major work is anticipated to be shared between the tenants and could well materially increase the the maintenance charges or necessitate a specific payment.

Other Topics

Lease Extensions in Chapel Allerton