I am on look out for some leasehold conveyancing in Chard. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

Assuming the lease is registered - and 99.9% are in Chard - 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.

My fiance and I may need to sub-let our Chard ground floor flat for a while due to a new job. We instructed a Chard conveyancing practice in 2004 but they have since shut and we did not think at the time seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

Notwithstanding that your last Chard conveyancing solicitor is no longer available you can review your lease to check if you are permitted to let out the premises. The rule is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you must seek consent from your landlord or other appropriate person in advance of subletting. This means you not allowed to sublet in the absence of first obtaining consent. Such consent must not not be unreasonably turned down. If the lease does not allow you to sublet you will need to ask your landlord for their consent.

I have just appointed agents to market my basement flat in Chard.Conveyancing is yet to be initiated but I have just had a half-yearly service charge invoice – Do I pay up?

The sensible thing to do is pay 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 management companies will not acknowledge the buyer until 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've recently bought a leasehold house in Chard. Am I liable to pay service charges for periods before completion of my purchase?

Where the service charge has already been demanded from the previous owner 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. A critical element 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).

When it comes to leasehold conveyancing in Chard what are the most frequent lease problems?

Leasehold conveyancing in Chard is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements 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. Yorkshire Building Society, Virgin Money, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.

I acquired a 1st floor flat in Chard, conveyancing was carried out in 1997. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Chard with a long lease are worth £259,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ends on 21st October 2099

You have 74 years remaining on your lease the likely cost is going to be between £10,500 and £12,000 plus professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Chard