I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Ely. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Ely ?

Most houses in Ely are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Ely in which case you should be looking for a Ely conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer will appraise you on the various issues.

Can you offer any advice when it comes to finding a Ely conveyancing practice to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Ely conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Ely conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

• How experienced is the firm with lease extension legislation?

How many lease extensions has the firm completed in Ely in the last year?

Do you have any top tips for leasehold conveyancing in Ely from the perspective of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Ely can be avoided where you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ lawyers.
• Many freeholders or Management Companies in Ely levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Ely.

A minority of Ely leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.

If you have had any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a property 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 the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of 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 as opposed to unresolved.

You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 75 years. In the circumstances it is important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

We expect to complete the disposal of our £300000 maisonette in Ely in 8 days. The managing agents has quoted £408 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Ely?

Ely conveyancing on leasehold apartments usually involves administration charges levied by freeholders :

• Addressing conveyancing due diligence questions
• Where consent is required before sale in Ely
• 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 solicitor will have no control over the level of the charges for this information but the average costs for the information for Ely leasehold premises is £350. For Ely 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 required to supply answers.

What makes a Ely lease unmortgageable?

There is nothing unique about leasehold conveyancing in Ely. All leases are individual and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the building
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Royal Bank of Scotland, and Godiva Mortgages Ltd all have express 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 problematic they may refuse to provide security, forcing the buyer to withdraw.

Leasehold Conveyancing in Ely - Sample of Queries before Purchasing

What restrictions are contained in the Ely Lease? This question is important as a) areas may cause problems in the building as the common areas may begin to deteriorate if maintenance are not paid for b) if the leaseholders have a dispute with the managing agents you will wish to have complete disclosure It would be sensible to discover as much as possible concerning the company managing the building as they will either make your life much easier or uncomfortable. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to day to day issues such as the cleanliness of the communal areas. Don't be shy to ask other people what they think of their management. In conclusion, find out the dates that you are obliged pay the maintenance charge to the managing agents and specifically what you get for your money.

Other Topics

Lease Extensions in Ely