Estate agents have just been given the go-ahead to market my basement apartment in Chipping Sodbury.Conveyancing solicitors are to be appointed soon but I have just received a quarterly service charge invoice – should I leave it to the buyer to sort out?

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 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 today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Chipping Sodbury. Conveyancing advisers have are about to be instructed. Will they explain the issues?

The majority of houses in Chipping Sodbury are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Chipping Sodbury in which case you should be looking for a Chipping Sodbury conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your conveyancer should report to you on the legal implications.

I am attracted to a couple of apartments in Chipping Sodbury both have about forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Chipping Sodbury. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field

I work for a busy estate agency in Chipping Sodbury where we have witnessed a few flat sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Chipping Sodbury conveyancing solicitors. Could you shed some light as to whether the seller of a flat can instigate the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.

An alternative approach is 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 purchaser.

What makes a Chipping Sodbury lease unmortgageable?

Leasehold conveyancing in Chipping Sodbury is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the premises
• 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

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Leeds Building Society, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.

Chipping Sodbury Conveyancing for Leasehold Flats - A selection of Questions you should ask before Purchasing

It would be sensible to enquire if the the lease contains any unreasonable restrictions in the lease. For instance it is fairly common in Chipping Sodbury leases that pets are not allowed in certain buildings in Chipping Sodbury. If you love the flatin Chipping Sodbury yet your cat is not allowed to move with you then you have a very hard compromise. Are any of leasehold owners in arrears of their service charge payments?