Planning to sign contracts shortly on a leasehold property in Euston. Conveyancing solicitors inform me that they are sending me a report tomorrow. What should I be looking out for?

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

• Ground rent - how much and when you need to pay, and also know whether this will change in the future

I have just started marketing my garden flat in Euston.Conveyancing is yet to be initiated but I have just had a half-yearly service charge invoice – what should I do?

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 unless 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 hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Euston. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Euston ?

The majority of houses in Euston are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Euston in which case you should be looking for a Euston conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.

All being well we will complete the sale of our £250000 flat in Euston next Friday . The managing agents has quoted £300 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Euston?

Euston conveyancing on leasehold flats often necessitates the buyer’s conveyancer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be willing to do so. They are entitled levy a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, otherwise the invoice is technically not due. In reality you have no option but to pay whatever is demanded should you wish to complete the sale of your home.

In relation to leasehold conveyancing in Euston what are the most frequent lease defects?

Leasehold conveyancing in Euston is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the premises
• Insurance obligations
• 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

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Virgin Money, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.

Euston Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to buying

Most Euston leasehold apartments will incur a service bill for the upkeep of the block levied on behalf of the landlord. Where you acquire the flat you will have to meet this amount, usually periodically throughout the year. This may differ from a few hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a rentcharge for you to pay annual, ordinarily this is not a large amount, say approximately £25-£75 but you need to enquire it because on occasion it could be surprisingly expensive. Who is in charge of the block? How long is the Lease?

Other Topics

Lease Extensions in Euston