Fixed-fee leasehold conveyancing in Cranfield:

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Cranfield leasehold conveyancing: Q and A’s

Due to sign contracts shortly on a studio apartment in Cranfield. Conveyancing lawyers have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

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

  • Whether your lease has a provision for a reserve fund?
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • 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
  • What you can do if a neighbour breach a clause of their lease?
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Cranfield please enquire of your lawyer in advance of your conveyancing in Cranfield

    • I have just appointed agents to market my 2 bed flat in Cranfield.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge demand – what should I do?

    It best that you clear 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 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.

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

    If you are instructing a solicitor for your lease extension (regardless if they are a Cranfield conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Cranfield conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

    • How experienced is the firm with lease extension legislation?
  • If the firm is not ALEP accredited then why not?

    • Can you provide any top tips for leasehold conveyancing in Cranfield from the point of view of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Cranfield can be reduced where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ solicitors.
    • If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Cranfield leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord consenting to such alterations. Where you fail to have the paperwork to hand do not contact the landlord without contacting your conveyancer before hand.
  • A minority of Cranfield leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a flat where a dispute is unresolved. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unsettled.
  • If you hold a share in a the freehold, you should ensure that you are holding the original share certificate. Organising a re-issued share certificate can be a time consuming formality and delays many a Cranfield conveyancing deal. Where a reissued share is needed, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible.

    • What makes a Cranfield lease unmortgageable?

    Leasehold conveyancing in Cranfield is not unique. All leases are unique and drafting errors can result in certain provisions are not included. 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
    • Insurance obligations
    • 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 encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Coventry Building Society, and Bank of Ireland all have express requirements 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 buyer to withdraw.

    Cranfield Leasehold Conveyancing - A selection of Queries Prior to Purchasing

      Are any of leasehold owners in arrears of their service charge payments? What is the annual service fee and ground rent? Many Cranfield leasehold flats will be liable to pay a service bill for the upkeep of the building set on behalf of the freeholder. Should you acquire the apartment you will have to meet this liability, usually in instalments throughout the year. This could differ from two or three hundred pounds to thousands of pounds for bigger purpose-built blocks. In all probability there will be a rentcharge to be met yearly, this is usually not a exorbitant figure, say about £50-£100 but you should to check as sometimes it can be many hundreds of pounds.

    Other Topics

    Lease Extensions in Cranfield