I am on look out for some leasehold conveyancing in East Boldon. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and 99.9% are in East Boldon - 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 East Boldon. Conveyancing solicitors inform me that they report fully next week. What should I be looking out for?

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

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

I have just started marketing my ground floor apartment in East Boldon.Conveyancing solicitors are to be appointed soon but I have just had a quarterly maintenance charge demand – Do I pay up?

The sensible thing to do is 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.

Last month I purchased a leasehold property in East Boldon. Am I liable to pay service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous owner 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 ensure 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).

I am employed by a long established estate agent office in East Boldon where we see a number of flat sales derailed due to short leases. I have been given contradictory information from local East Boldon conveyancing firms. Can you confirm whether the vendor of a flat can start the lease extension process for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Leasehold Conveyancing in East Boldon - Sample of Queries Prior to Purchasing

It would be sensible to find out as much as you can regarding the company managing the building as they will either make your life much easier or problematic. As the owner of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to every day matters like the upkeep of the common parts. Don't be afraid to ask prospective neighbours whether they are happy with their management. In conclusion, be sure you know the dates that the maintenance charges are due to the relevant party and specifically how they are spending that money. Who are the managing agents? Plenty East Boldon leasehold flats will incur a service bill for maintenance of the building invoiced by the landlord. Should you purchase the flat you will have to meet this contribution, normally periodically throughout the year. This can be anything from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal areas. In all probability there will be a ground rent to be met yearly, ordinarily this is not a significant figure, say about £50-£100 but you need to enquire as occasionally it can be many hundreds of pounds.

Other Topics

Lease Extensions in East Boldon