Expecting to sign contracts shortly on a leasehold property in Cobham. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. What should I be looking out for?

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

• You should be sent a copy of the lease

I am tempted by the attractive purchase price for a couple of apartments in Cobham both have about 50 years remaining on the leases. Do I need to be concerned?

There are plenty of short leases in Cobham. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area

Last month I purchased a leasehold house in Cobham. 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 owner 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. 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).

Can you offer any advice when it comes to appointing a Cobham conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Cobham conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Cobham conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• Can they put you in touch with client in Cobham who can give a testimonial?

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £200000 maisonette in Cobham next week. The landlords agents has quoted £324 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Cobham?

Cobham conveyancing on leasehold flats more often than not necessitates the buyer’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be content to do so. They may charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, without which the charge is not strictly payable. Reality however dictates that you have little option but to pay whatever is demanded if you want to complete the sale of your home.

Cobham Leasehold Conveyancing - Sample of Queries before Purchasing

It would be wise to discover as much as you can regarding the company managing the block as they can either make your life much easier or problematic. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to every day matters such as the upkeep of the common parts. Don't be shy to ask other people if they are happy with their management. Finally, be sure you understand the dates that you are obliged pay the service charge to the appropriate party and precisely how they are spending the funds. This question is helpful as a) areas could result in problems in the building as the communal areas may begin to deteriorate if repairs are not paid for b) if the leasehold owners have a dispute with the running of the building you will wish to know about it What prohibitions exist in the Cobham Lease?

Other Topics

Lease Extensions in Cobham