Leasehold Conveyancing in Easthampstead - Get a Quote from the leasehold experts approved by your lender

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While any conveyancing practice can theoretically deal with your leasehold conveyancing in Easthampstead, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Recently asked questions relating to Easthampstead leasehold conveyancing

Expecting to exchange soon on a garden flat in Easthampstead. Conveyancing solicitors have said that they report fully on Monday. Are there areas in the report that I should be focusing on?

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

  • You should receive a copy of the lease
  • Defining your rights in respect of common areas in the building.For instance, does the lease provide for a right of way over an accessway or hallways?
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in Easthampstead please enquire of your lawyer in ahead of your conveyancing in Easthampstead

    • I am looking at a two flats in Easthampstead which have in the region of 50 years remaining on the leases. Should I regard a short lease as a deal breaker?

    There is no doubt about it. A leasehold apartment in Easthampstead is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and banks, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Easthampstead conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    Last month I purchased a leasehold flat in Easthampstead. Do I have any liability for 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).

    What are your top tips when it comes to choosing a Easthampstead conveyancing practice to deal with our lease extension?

    If you are instructing a property lawyer for your lease extension (regardless if they are a Easthampstead conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Easthampstead conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

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

    • Can you provide any top tips for leasehold conveyancing in Easthampstead with the purpose of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Easthampstead can be avoided where you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers.
    • Many landlords or managing agents in Easthampstead charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Easthampstead.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Easthampstead leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord consenting to such works. Where you fail to have the consents in place you should not contact the landlord without checking with your solicitor in the first instance.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be nervous about purchasing a property where a dispute is unresolved. You may have to bite the bullet 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 will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as over rather than unsettled.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share certificate. Arranging a re-issued share certificate can be a time consuming process and slows down many a Easthampstead conveyancing deal. Where a reissued share certificate is required, do contact the company director and secretary or managing agents (if relevant) for this as soon as possible.

    • Leasehold Conveyancing in Easthampstead - Examples of Queries Prior to Purchasing

      Please inform me if there are any major works anticipated that will increase the maintenance fees? You will want to discover as much as possible about the managing agents as they will either make living at the property much simpler or uncomfortable. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to daily issues like the cleanliness of the common parts. Ask other tenants what they think of their management. In conclusion, be sure you know the dates that the maintenance fees are due to the managing agents and specifically what it includes. Does the lease have more than 90 years unexpired?

    Other Topics

    Lease Extensions in Easthampstead