Estate agents have just been given the go-ahead to market my 2 bed flat in Corby.Conveyancing is yet to be initiated but I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?

It best that you pay 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 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 found a house that appears to meet my requirements, at a great price which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Corby. Conveyancing solicitors have are about to be instructed. Will they explain the issues?

Most houses in Corby are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Corby in which case you should be shopping around for a Corby conveyancing practitioner 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 tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.

My wife and I purchased a leasehold flat in Corby. Conveyancing and Barclays mortgage are in place. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Corby who previously acted has now retired.What should I do?

The first thing you should do is make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Corby conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of maisonettes in Corby both have about forty five years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Corby is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of buyers and banks, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Corby conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Can you offer any advice when it comes to appointing a Corby conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for your lease extension (regardless if they are a Corby conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Corby 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:

• What volume of lease extensions has the firm completed in Corby in the last year?

Corby Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing

Its a good idea to find out as much as you can about the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to daily issues such as the cleanliness of the communal areas. Ask other tenants what they think of them. On a final note, be sure you understand the dates that you are obliged pay the maintenance charge to the managing agents and precisely what you get for your money. Does the lease have in excess of 85 years left? Is anyone aware of any major works anticipated that will increase the maintenance costs?

Other Topics

Lease Extensions in Corby