Looking forward to complete next month on a leasehold property in Easthampstead. Conveyancing solicitors inform me that they report fully within the next couple of days. What should I be looking out for?

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

• Setting out your rights in relation to common areas in the block.For instance, does the lease permit a right of way over a path or staircase?
• Are pets allowed in the flat?
• 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
• You should have a good understanding of the insurance provisions
• What options are open to you if a neighbour breach a clause of their lease?
• What the implications are if you breach a clause of your lease?

I own a leasehold house in Easthampstead. Conveyancing and Accord Mortgages Ltd mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Easthampstead who acted for me is not around.Any advice?

First contact HMLR to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Easthampstead conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am a negotiator for a long established estate agency in Easthampstead where we have experienced a few leasehold sales jeopardised due to short leases. I have received conflicting advice from local Easthampstead conveyancing solicitors. Please can you confirm whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with 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 buyer.

Can you provide any advice for leasehold conveyancing in Easthampstead from the perspective of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Easthampstead can be avoided if you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers lawyers.
• The majority landlords or Management Companies in Easthampstead levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Easthampstead.
• A minority of Easthampstead leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 purchasers or their lawyers.
• If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share certificate. Arranging a duplicate share certificate is often a lengthy process and slows down many a Easthampstead conveyancing deal. If a duplicate share certificate is needed, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.
• You believe that you know the number of years left on your lease but it would be wise to double-check by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 75 years. It is therefore important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

What are the frequently found defects that you see in leases for Easthampstead properties?

There is nothing unique about leasehold conveyancing in Easthampstead. All leases are individual and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the property
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Chelsea Building Society, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.

Leasehold Conveyancing in Easthampstead - Sample of Queries Prior to Purchasing

How much is the annual maintenance fee and ground rent? Its a good idea to find out as much as you can regarding the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to every day issues like the tidiness of the common parts. Ask other people what they think of their service. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the appropriate party and specifically how they are spending the funds. Does the lease have more than 85 years left?