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Questions and Answers: Cottesmore leasehold conveyancing

I am in need of some leasehold conveyancing in Cottesmore. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and most are in Cottesmore - 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.

I am hoping to sign contracts shortly on a studio apartment in Cottesmore. Conveyancing solicitors have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Cottesmore should include some of the following:

  • How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • You should be told what constitutes a Nuisance in the lease
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What options are open to you if a neighbour breach a clause of their lease? For details of the information to be included in your report on your leasehold property in Cottesmore please ask your solicitor in ahead of your conveyancing in Cottesmore

    • I have just started marketing my 2 bed flat in Cottesmore.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge invoice – Do I pay up?

    Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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. This will smooth the conveyancing process.

    I today plan to offer on a house that seems to be perfect, at a great price which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Cottesmore. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Cottesmore ?

    The majority of houses in Cottesmore are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Cottesmore in which case you should be looking for a Cottesmore conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will appraise you on the various issues.

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

    When appointing a property lawyer for your lease extension (regardless if they are a Cottesmore conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Cottesmore conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

    • What volume of lease extensions have they completed in Cottesmore in the last twenty four months?
  • Can they put you in touch with client in Cottesmore who can give a testimonial?

    • Leasehold Conveyancing in Cottesmore - Sample of Queries before Purchasing

      The best form of lease structure is where the freehold interest is in the ownership of the leaseholders. In this situation the leaseholders have control and even though a managing agent is frequently employed if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Best to be warned if fixing the lift or some other significant cost is pending to be shared between the leaseholders and will dramatically increase the the maintenance charges or require a specific invoice. Please note if it is fewer than 80 years it will impact the value of the flat. It is worth checking with your bank that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension at some point and you need to have some idea of what this will be. For most Cottesmorelease extensions you will need to own the premises for 24 months in order to be entitled to exercise a lease extension.

    Other Topics

    Lease Extensions in Cottesmore