Having had my offer accepted I require leasehold conveyancing in Cotham. Before diving in I want to be sure as to the remaining lease term.

If the lease is recorded at the land registry - and most are in Cotham - 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.

Having checked my lease I have discovered that there are only 68 years left on my flat in Cotham. I need to extend my lease but my freeholder is can not be found. What are my options?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to prove that you or your lawyers have used your best endeavours to locate the freeholder. For most situations a specialist may be helpful to try and locate and prepare an expert document which can be used as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s absence and the application to the County Court overseeing Cotham.

I am attracted to a two apartments in Cotham both have in the region of fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this area

I've recently bought a leasehold property in Cotham. Am I liable to pay service charges relating to a period prior to my ownership?

In a situation where the service charge has already been demanded from the previous lessee 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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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 Cotham what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Cotham. Most leases is drafted differently and legal mistakes in the legal wording can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the building
• Insurance obligations
• 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

You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Bank of Scotland, and Godiva Mortgages Ltd 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 problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.

Cotham Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing

It would be prudent to discover if there are any onerous restrictions in the lease. For instance it is reasonably common in Cotham leases that pets are not permitted in in a block in Cotham. If you like the propertyin Cotham but your dog can’t move with you then you will be faced difficult decision. Is anyone aware of any major works in the planning that will add a premium to the maintenance costs? You should want to discover as much as you can about the company managing the building as they can either make living at the property much simpler or uncomfortable. As the owner of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day issues such as the upkeep of the common parts. Enquire of prospective neighbours what they think of them. Finally, find out the dates that the service fees are due to the managing agents and precisely how they are spending the funds.