Looking forward to sign contracts shortly on a basement flat in Danescourt. Conveyancing solicitors have said that they report fully next week. What should I be looking out for?

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

• You should receive a copy of the lease

The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark

Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord

You should be told what counts as a Nuisance in the lease

Ground rent - how much and when you need to pay, and also know whether this will change in the future

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

Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in Danescourt please ask your lawyer in advance of your conveyancing in Danescourt

I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Danescourt. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Danescourt ?

Most houses in Danescourt are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Danescourt in which case you should be shopping around for a Danescourt conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your solicitor will appraise you on the various issues.

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

• Much of the delay in leasehold conveyancing in Danescourt can be avoided if you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers solicitors.
• In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Danescourt leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord consenting to such changes. If you dont have the consents in place do not contact the landlord without checking with your lawyer in advance.

Some Danescourt leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual 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 you hold a share in a the Management Company, you should make sure that you hold the original share certificate. Arranging a new share certificate is often a lengthy process and frustrates many a Danescourt conveyancing transaction. Where a reissued share certificate is necessary, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.

You believe that you know the number of years remaining on your lease but it would be wise to verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to where the lease term is less than 80 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

If all goes to plan we aim to complete our sale of a £450000 flat in Danescourt in just under a week. The managing agents has quoted £324 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Danescourt?

For most leasehold sales in Danescourt conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing pre-exchange questions
• Where consent is required before sale in Danescourt
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Danescourt leasehold property is £350. For Danescourt conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply answers.

In relation to leasehold conveyancing in Danescourt what are the most common lease defects?

Leasehold conveyancing in Danescourt is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the premises
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Norwich and Peterborough Building Society, and Barclays Direct all have very detailed 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 provide security, obliging the buyer to withdraw.

Leasehold Conveyancing in Danescourt - A selection of Questions you should consider Prior to Purchasing

Please note that where the lease has no more than eighty years it will have adverse implications on the marketability of the property. It is worth checking with your lender that they are content with the length of the lease. A short lease means that you will most likely have to extend the lease at some point and you need to have some idea of how much this would cost. Remember, in most cases you will be required to have owned the residence for 24 months in order to be legally able to exercise a lease extension. Are any of leasehold owners in arrears of their service charge liability? This information is helpful as a) areas may cause problems in the building as the common areas may begin to deteriorate if repairs remain unpaid b) if the tenants have a dispute with the managing agents you will need to have complete disclosure

Other Topics

Lease Extensions in Danescourt