Having had my offer accepted I require leasehold conveyancing in Copmanthorpe. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Copmanthorpe - then the leasehold title will always include the short particulars 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.

Estate agents have just been given the go-ahead to market my ground floor flat in Copmanthorpe.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is discharge 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 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 found a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Copmanthorpe. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

The majority of houses in Copmanthorpe are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Copmanthorpe so you should seriously consider shopping around for a Copmanthorpe conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your lawyer should appraise you on the various issues.

I am attracted to a two flats in Copmanthorpe which have in the region of fifty years remaining on the leases. Will this present a problem?

A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area

Are there common deficiencies that you see in leases for Copmanthorpe properties?

There is nothing unique about leasehold conveyancing in Copmanthorpe. Most leases are individual and drafting errors can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair 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.
• Service charge per centages that don't add up correctly leaving a shortfall

You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Coventry Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.

Copmanthorpe Leasehold Conveyancing - Examples of Queries Prior to buying

Where a Copmanthorpe lease has no more than eighty years it will have adverse implications on the marketability of the flat. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will most likely have to extend the lease at some point and it is worth discovering what this would cost. For most Copmanthorpelease extensions you would be be obliged to have been the owner of the premises for a couple of years in order to be eligible to exercise a lease extension. Does the lease include onerous restrictions? The prefered form of lease arrangement is if the freehold interest is owned by the leaseholders. In this situation the lessees enjoy control and although a managing agent is often retained where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.

Other Topics

Lease Extensions in Copmanthorpe