I am in need of some leasehold conveyancing in Emersons Green. Before I get started I require certainty as to the remaining lease term.

If the lease is registered - and most are in Emersons Green - 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 basement flat in Emersons Green. Conveyancing lawyers inform me that they are sending me a report next week. What should I be looking out for?

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

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

I have just started marketing my 2 bed flat in Emersons Green.Conveyancing has not commenced but I have just had a yearly service charge demand – what should I do?

The sensible thing to do is clear 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am looking at a two apartments in Emersons Green both have approximately 50 years left on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Emersons Green is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of purchasers and lenders, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Emersons Green 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.

What are the common deficiencies that you witness in leases for Emersons Green properties?

Leasehold conveyancing in Emersons Green is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the property
• 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 will 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. Accord Mortgages Ltd, Virgin Money, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.

Leasehold Conveyancing in Emersons Green - A selection of Queries before Purchasing

This question is helpful as a) areas can result in problems in the building as the common areas may start to deteriorate where repairs remain unpaid b) if the leaseholders have an issue with the managing agents you will want to have all the details Please inform me if there are any major works in the near future that will increase the service fees? How is the lease structured?

Other Topics

Lease Extensions in Emersons Green